Duos Technologies Group Inc (OTCQB: DUOT) will expand the reach of its of automated rail inspection systems to an unnamed North American Class-1 transportation and logistics company.
The Jacksonville-based company specializes in automated systems with a focus on the protection of critical infrastructure and the automation of complex mechanical inspections of rail assets.
The agreement includes the development and licensing of 17 artificial intelligence-based detection algorithm models.
“This agreement will allow us to demonstrate how significantly our automated inspection strategies can impact rail operations in general and, in particular, the safety and efficiency of traditional mechanical inspection practices,” said CEO Gianni Arcaini in the company’s press release.
BIG PICTURE: Duos Technologies wants to put the railroad industry on the fast track
The Federal Railroad Administration mandates that all rail cars and locomotives undergo a mechanical inspection before leaving a rail yard.
Inspectors currently conduct a visual and physical inspection of the cars’ mechanical components in a time-consuming process that leaves trains immobile in the yard for hours at a time.
The company aims to streamline the process by offering rail operators its automated inspection services.
Shares of Duos jumped more than 4% to US$0.48 in Wednesday afternoon trading.