On February 5, 2020 Patriot One’s (PAT.T) 100% owned subsidiary Xtract Technologies secured a CAD $975,00 contract with Canada’s Department of National Defense.
PAT is an A.I-driven concealed weapons-detection company that is currently transitioning from being a technology incubator – into a hardware and sales company.
Some investors – and regular folks – are confused about the difference between A.I. (machine intelligence) and “clever software” (well constructed algorithms).
An algorithm is a set of rigid instructions — a coded recipe that gets executed when it encounters stimulus. For instance, if I type “artifishal” – my word processing software flags that as incorrect. The software is not being intelligent. It’s just informing me that “artifishal” is not in its dictionary. I can right-click and select “Add To Dictionary” – but that’s not A.I – that’s me manually modifying the software.
A.I is a group of algorithms that can modify its own instructions in response to learned inputs and data. This ability to adapt and grow based on new data, is described as “Artificial Intelligence.”
“A.I operates in an automated mode without human intervention,” stated Niranjan Krishnan, head of data science at Tiger Analytics, “Data is created, transformed and moved without data engineers. The system learns continuously and gets better with time.”
Last July, Patriot One partnered with Vancouver-based artificial intelligence company Xtract Technologies for joint research and development.
“Xtract Technologies will work with three of the Patriot One’s PATSCAN platform component teams,” wrote Equity Guru’s Joseph Morton, “to explore how AI technology can be used to improve overall sensor threat-detection performance.”
For example, if stationary armed gunmen have a postural “tell” – it can learn that.
If successful, this will bring next-level machine learning to Patriot One’s PATSCAN series of programs by allowing their devices to learn and adapt to new threats.
“Xtract is advancing the state of artificial intelligence by developing deep neural network technology that scales how machines learn. This technology is core to our platform which runs more effective and reliable business solution applications.”
The collaboration must’ve gone well, because three months later, Patriot One announced the acquisition of XTRACT Technologies and all its related interests, assets, and intellectual property for consideration for $6 million and the issuance of 9,422,956 Patriot One common shares (currently worth $1.52/share).
“Our initial goal was to commercialize a single threat detection,” states Patriot One, “but we discovered that there is a critical need for enhanced threat detection.”
The PATSCAN Multi-Sensor Covert Threat Detection Platform is a layered multi-sensor platform – integrated with A.I Managed security system to detect and combat active threats before they occur.
PATSCAN RADAR covert weapons detection sensor technology
PATSCAN VIDEO threat recognition software
PATSCAN MAGNETIC threat detection that passively and covertly allows for greater deployment and ease of use than any competitive system
PATSCAN CHEMICAL multi-compound airborne threat detection sensor
The Extract.ia contract is for a project related to improving situational awareness for the Canadian Armed Forces and security personnel using video analytics, artificial intelligence and augmented reality.
This project will continue previous work completed by Xtract.ai for the CAF to develop technology solutions to augment the situational awareness of their soldiers and address the following challenges:
- detect, recognize, and identify persons or objects of interest in a physical environment, and/or
- track identified persons and objects of interest using seamless information sharing across a decision network.
“We’re very excited to leverage the Xtract.ai team’s expertise in video analytics, object detection and artificial intelligence with the Canadian Department of National Defense,” stated Martin Cronin, CEO of Patriot One Technologies.
This is not Patriot One’s first government contract.
On January 30, 2020 PAT announced that it has been awarded a $780,000 contract by Innovation Solutions Canada (ISC) for the Canadian Department of National Defense (DND).
The ISC program allows innovators to keep control of the intellectual property, get their innovation tested in real-life settings and help advance products to market faster.
PAT’s weapons detection technology was evaluated on the merit of innovation. Upon pre-qualification, the program sourced a Canadian Government Department as test partner.
Patriot One was pre-qualified under the military innovation component which has six priority areas:
- Arctic & Maritime Security
- Command & Support
- In-Service support
- Protecting the Soldiers
- Training Systems
Technical details on the Patriot One’s latest defence contract are available here.
– Lukas Kane
Full Disclosure: Patriot One is an Equity Guru marketing client.
Disclaimer: ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.
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