Duos Technologies Group Inc (OTCMKTS:DUOT) announced Tuesday that it has won a $1 million contract from a Class 1 freight railroad company to use artificial intelligence algorithms for automated rail-car inspections.
Duos said the five-year contract, awarded via its operating subsidiaries Duos Technologies Inc and truevue360, will provide about $1 million in recurring revenue.
The name of the railroad company was not disclosed.
Under the contract, Duos will provide an initial library of AI-based algorithms which will analyze images from its rail inspection portal for maintenance inspection of the customer’s railcars.
The development of the models and applications as well as hosting will be undertaken by Duos’ truevue360 subsidiary.
This latest award marks an increasing trend in the railroad industry of automating railcar inspections, which have historically been conducted manually, the company said in a statement.
“We are expanding our library of AI-based automated inspection strategies through our new subsidiary truevue360,” said CEO Gianni Arcaini.
“This award signifies the first of many steps in a significant growth opportunity for the company in this market vertical. The combination of our advanced, engineered rail inspection technologies with our AI capabilities differentiates us from our competitors and comprises what we believe to be a complete solution for transportation applications.”
Based in Jacksonville, Florida, Duos is a tech company that offers an array of services to support companies' operations and security. It specializes in rail train inspections that rely on Duos’ proprietary Railcar Inspection Portal (RIP) technology and uses an automated process which can be conducted while a train is in motion.
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