Patriot One Technologies (PAT.V) has entered into a definitive acquisition agreement with New Brunswick-based EhEye, the company announced today.
The new technology automates weapons detection, disturbances and other suspicious behaviours through existing camera infrastructure. It combines existing computer vision techniques with machine learning for artifact recognition, employing deep learning architecture to better alert security teams to any anomalies that an otherwise standard video system is incapable of identifying.
EhEye’s video threat recognition software debuted to considerable security reseller and end-client interest during a series of recent invitation-only industry events held at Patriot One’s development centre in Las Vegas. As a result, they were positively identified as a candidate for integration into the PATSCAN lineup of products.
The transaction terms include 100 percent equity interest in EhEye for Patriot One, as well as the issuance of 1,636,363 common shares of Patriot One to EhEye shareholders.
Patriot’s proposition also includes 277,775 replacement incentive stock options to employee, director and officer option holders for when EhEye’s stocks are cancelled.
“We are extremely excited to join the Patriot One team. Their mission to become the foremost proponent and provider of innovative threat detection and counter-terrorism solutions and services for general public safety fully aligns with our own mission. Further to that end, we expect their advancements in machine learning for weapon recognition through their proprietary PATSCAN software, as well as their key strategic partnerships, to propel our video recognition solution’s commercialization. This will ensure significantly enhanced detection capability whenever weapons are handled inside or outside of facilities like event venues, schools or virtually any public building,” said James Stewart, EhEye’s CEO and President.
Together with the Build in Canada Innovation Program, a government-sponsored program that helps Canadian governments take their tech from the lab to the market, EhEye has partnered with an international airport and a correctional facility to pilot the new solution.
They have also received support from the National Research Council of Canada.
EhEye has also won three awards: two KIRA’s for Most Innovative Startup and Most Innovative Technology, and one StartupFest’s Choice Awards.
“We are very pleased to welcome the EhEye team into the Patriot One family. Their award-winning threat recognition software will integrate into our client’s existing video camera networks offering a first line of defense to detect active shooters or terrorists approaching a venue with weapons drawn. It will also offer an additional layer of detection inside buildings to track threats and even identify irregular disturbances or physical altercations between individuals,” said Martin Cronin, CEO and president of Patriot One.
The new addition to Patriot One’s threat detection solutions will be branded as PATSCAN VRS, which highlights the video recognition sensors of the threat detection model. Patriot One intends on selling it on a SaaS pricing model, on a per camera-use basis per location.
Read: Patriot One (PAT.V) raises $46 million as U.S. shooters key on ‘soft targets’
Presently in late-stage pilot testing, the detection system will continually learn through monthly network updates as part of a monthly recurring subscription, similar to the existing revenue model for the PATSCAN CRM covert weapon detection system.
Other candidates for potential inclusion into the PATSCAN product line-up are presently undergoing technical assessment, focus group and marketing evaluation. Should they meet Patriot One’s rigorous requirements, the brand will likely be extended to them through select technology partner agreements.
Full Disclosure: Patriot One is an Equity Guru marketing client.