AVENTURA, Fla. - Safe Pro Group Inc. (NASDAQ:SPAI), a company specializing in artificial intelligence (AI) for drone imagery processing, announced on Tuesday that it has been granted a U.S. patent for its technology used in explosive detection. The system, known as SpotlightAI™, leverages machine learning to identify and locate various types of explosives from drone-captured images.
The patent, US Patent No. 12,146,729, encompasses 21 claims relating to the autonomous detection, identification, and labeling of explosives in orthomosaic images using AI. This protection, valid through 2043, underscores the system’s potential applications in fields such as humanitarian demining, agriculture, national defense, and reconstruction.
SpotlightAI™ is currently deployed in Ukraine, where it has processed over 840,614 images and identified more than 10,912 landmines and unexploded ordnance (UXO), contributing to reconstruction and humanitarian efforts. The technology has been instrumental in locating over 10,000 landmines, supporting the work of organizations like the United Nations Development Programme (UNDP).
The platform's compatibility with commercially available drones and its cloud-based infrastructure, powered by Amazon (NASDAQ:AMZN) Web Services (AWS), enable the rapid processing of large datasets. The advanced machine learning models are trained on a proprietary dataset capable of recognizing over 150 types of landmines and UXO.
Dan Erdberg, Chairman and CEO of Safe Pro Group Inc., stated that the company aims to expand its partnerships and customer base across various sectors that could benefit from this technology. He highlighted the system's success in Ukraine as a testament to its capabilities.
The company has also filed for global patent protection under the Patent Cooperation Treaty (PCT), which covers 157 Contracting States, to secure its intellectual property internationally.
This news is based on a press release statement from Safe Pro Group Inc. and does not include any speculative or promotional content. The information provided is intended to offer insights into the company's recent patent acquisition and its technology's current usage.
In other recent news, Safe Pro Group Inc. has reported a forecasted surge in revenue for the fourth quarter, expecting a year-over-year increase of over 200%. This growth is attributed to the heightened demand for its drone services following major weather events in the southeastern United States. Safe Pro Group also announced a change in its independent registered public accounting firm, transitioning from Salberg & Company, P.A. to RBSM LLP, a move approved by both the Audit Committee and the Board of Directors.
The company has made significant strides in technology, securing a patent for its SpotlightAI™ technology, a revolutionary tool in autonomous explosives detection using artificial intelligence from drone images. The patent, approved by the United States Patent and Trademark Office (USPTO), is expected to expire in 2043, with additional global patent protection filed with the World Intellectual Property Organization (WIPO).
In addition, Safe Pro Group's subsidiary, Airborne Response, has secured a one-year contract extension with Citizens Property Insurance Corporation. This agreement, marking the second consecutive year of extension, involves the deployment of uncrewed aircraft systems for both routine and disaster response flights, playing a significant role in claim evaluations and responses to catastrophic events. These are the recent developments for Safe Pro Group Inc.
InvestingPro Insights
Safe Pro Group Inc.'s recent patent grant for its AI-powered explosive detection technology aligns with its innovative approach in the drone imagery processing sector. According to InvestingPro data, the company's market capitalization stands at $31.46 million, reflecting its position as a small-cap player in the tech industry.
Despite the promising technological developments, InvestingPro Tips reveal that Safe Pro Group is not currently profitable, with a negative P/E ratio of -3.01 for the last twelve months as of Q3 2023. This aligns with the company's focus on research and development in cutting-edge AI technologies, which often requires significant investment before achieving profitability.
Interestingly, the company has seen a significant return over the last week, with a 1-week price total return of 11.38%. This recent uptick could be attributed to the positive news surrounding the patent grant. However, it's worth noting that the stock has experienced high price volatility, as indicated by another InvestingPro Tip, which suggests that investors should be prepared for potential price fluctuations.
The company's financial health shows some positive signs, with InvestingPro Tips indicating that Safe Pro Group holds more cash than debt on its balance sheet and its liquid assets exceed short-term obligations. This financial stability could be crucial as the company seeks to expand its partnerships and customer base across various sectors, as mentioned by CEO Dan Erdberg.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a deeper understanding of Safe Pro Group's financial position and market potential.
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