Duos Technologies Group Inc (NASDAQ:DUOT) said it has been awarded a contract by an existing class one railroad customer to integrate up to one hundred artificial intelligence (AI) use cases into its proprietary Centraco platform for eventual use by the railroad in its automation efforts.
The contract is valued at around $2.1 million and will be executed in two phases, with half to occur in 2020 while the balance is to be completed in early 2021.
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Duos said the deal also includes a “significant recurring service and maintenance component” for the new software being developed.
Initially, the company said this integration will occur at one of the railroad's existing Railcar Inspection Portal (RIP) sites, with plans to expand to several other locations in the future.
The contract will be executed by the firm's subsidiary, TrueVue360, and includes the development of a new Application Programming Interface (API) to allow for seamless third-party integration and the transfer of data into the existing rip systems. Implementation is expected to begin later this summer.
"This award is yet another major milestone in achieving full automation of the rail car mechanical inspection process. We believe this particular software platform expansion is not only adaptable to the rail sector but also to many other industries. As we continue to prove our capabilities in our core market, we will look to expand into these adjacent opportunities as a logical next step", Duos chairman and chief executive Gianni Arcaini said in a statement.
"We value our relationships with the Class One freight railroads, and this expansion of our relationship with a major customer shows the ongoing value we are able to provide to their inspection and safety efforts. Our team is extremely motivated to expand our technologies across North America, and we believe this new win for our AI business signifies the first of others to come as we continue to expand our offerings and provide a more essential service to our rail customers", added Scott Carns, chief operating officer of the company's operating subsidiary.
Duos provides advanced, analytical technology solutions with its core competencies focusing on intelligent technologies that combine machine learning, AI and advanced video analytics that are delivered through its proprietary integrated enterprise command and control platform.
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