(DM.V) Feb. 8, 2019 – Datametrex AI Limited has successfully completed the first milestone of a multi-phase research and development program sponsored by the Canadian federal government called IDEaS. The company will be receiving payment of approximately $93,000 for successfully achieving this milestone.
In addition, Datametrex will now commence work on the second milestone which would bring the total value of the opportunity to approximately $200,000. If the company is successful in its submission of the second milestone, it will be eligible for a larger 12-month contract worth up to $1 million.
IDEaS was announced in Canada’s new defence policy, “Strong, Secure, Engaged,” and commits to $1.6 billion of investment in innovations for defence and security over the next 20 years. The program is looking for solutions to support the development of defence and security capabilities.
“The IDEaS program will provide unique opportunities for Canadians to put forward their best solutions on defence and security challenges, and will help put those solutions into the hands of the women and men of the Canadian Armed Forces,” said Harjit Sajjan, Minister of National Defence. “This investment will support the growth and expansion of Canada’s innovation community for the next 20 years.”
IDEaS will support the development of solutions from their conceptual stage, through prototype testing and capability development. The program includes several elements that promote collaboration between innovators, provides developmental resources and provides opportunities to interact with the science and military members of the Department of National Defence (DND), through which all innovators are on an even playing field to solve specific defence and security challenges.
“We are thrilled to progress to the next phase of this project,” said Datametrex AI chairman and CEO Andrew Ryu. “Our team is doing a great job delivering on the objectives, and we look forward to continuing to work with the Canadian government in helping to solve potential security risks.”
Datametrex AI is a technology-focused company with exposure to artificial intelligence and machine learning through its wholly owned subsidiary, Nexalogy, and implementing blockchain technology for secure data transfers through its investee company, Graph Blockchain.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.