Xtract One Technologies Inc. T.XTRA

PAT AWARDED 1 MLN CONTRACT BY CANADA DND/AI DEVELOPMENT...

[Humanist]

AND SO IT BEGINS! LET THE CONTRACTS START ROLLING... GLTA

Patriot One Technologies Awarded Contract to Create Artificial Intelligence-Powered Full Motion Video Detection Application

  by @nasdaq on 22 Feb 2022, 07:30
  
TORONTO, Feb. 22, 2022 (GLOBE NEWSWIRE) -- Patriot One Technologies (TSX: PAT) (OTCQX: PTOTF) (FRANKFURT: 0PL) (“Patriot One” or the “Company”) today announced it was awarded a contract worth nearly $1 million CAD with Canada’s Department of National Defence (DND), to further develop an artificial intelligence (AI)-enabled full motion video analytics application.

This technology will be used to detect, classify and track objects and events of interest, initially for DND applications, and in the future across multiple domains. As an innovative piece of AI-powered intellectual property, Patriot One will leverage the technology across its current and future product portfolio to enhance solutions for customers.

The project, named “RECCE,” is being developed by Xtract AI, the AI innovation and development arm of Patriot One. It will initially be used by the DND and the Canadian Armed Forces to detect, classify and track, as well as geospatially and textually log, objects of interest to improve situational awareness. Xtract AI is scheduled to deliver the solution to DND by March 31, 2022.

“While RECCE will first be used by the Canadian government for specific projects, such as military applications and the detection, identification and tracking of objects of interest or concern, the opportunity-space for this type of AI is unlimited,” said Cornell Pich, vice president of Strategic Partnerships and Technology at Patriot One. “This application is yet another example of Patriot One's AI innovations providing flexible solutions to address a set of requirements, that then provides a foundation for broader applications. We’re pleased to again be working with the DND and its Innovation for Defence Excellence and Security (IDEaS) Program to improve the safety of their Armed Forces members while on deployments and look forward to integrating this application into future projects.”

“This advanced object recognition technology can be applied in countless ways, from providing a higher level of safety to people on the streets through video camera systems in specific locations around the world, to integrating it with drone cameras to survey large crowds of people. Imagine the value of very high threat detection and categorization in environments where the people, cameras and other elements are in motion,” said Peter Evans, CEO of Patriot One. “These types of foundational innovations are a key part of Patriot One’s overall business strategy to integrate advanced AI analytics into our existing and future products and in particular, would be ideally suited for enhanced crowd or threat detection management for large entertainment venues."

The RECCE project is being funded as part of the DND’s Innovation for Defence Excellence and Security (IDEaS) program and is sponsored by the Canadian Joint Operations Command (CJOC).

For more on Patriot One’s AI projects and capabilities, please visit https://patriot1tech.com/patscan/products/.
 

[Roadrunner71]

This is my favorite part. "Patriot One will leverage the technology across its current and future product portfolio to enhance solutions for customers."

[BocianWaffles]

What a great govt program!! The govt provides the funding..the recipient develops the product/capability and the recipient keeps the intellectual property and gets to say it's been govt tested and used. What a score if you ask me. Normally when a company is paid for development of a product or capability to be used by the customer...the customer keeps the IP...good stuff

[vezmic1]

This is obviously great news.  I suspect this sort of announcement will become a common occurance.  Always good to see government interest.  As i've mentioned in the past, i think that the AI aspect of the business could be huge.  Hard to predict what may come of it.

[Pandora]

And I see SCAN got a contract for Toronto's Pearson Airport.

[Rick311]

By contract you mean a free beta test right

[Nightstocker]

Talk about a win-win contract, getting paid to improve the saleability of your tech. Augmenting your military's ability to detect, classify and track events of interest. Nobody's gonna be interested in that. Nope, not at all... Schwing!

[BocianWaffles]

@nightstocker - The other piece that should be noted is the completion date of march 2022...this means that these capabilities will likely be ready to use with other customers as well and also means that Pat will get paid sooner than later as all deliverables will have been met.

[Nightstocker]

I also loved the part about applying the improved solution to drone technology. Maybe Plymouth Crock will have to start buying Pat products for their Ethiopian Rainstorm Initiative.