Predictmedix Inc (CSE:PMED) (OTCQB:PMEDF) has announced a tie-up with India's premier defence technology company in a bid to launch the Artificial Intelligence-focused workplace health firm's technology in the government and public sector in South Asia.
Paras Defence & Space Technologies Ltd (PARAS) is already a registered vendor to almost all the government and public sector departments in India.
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Predictmedix will work alongside the group to launch its infectious disease symptom and impairment screening technologies within these sectors.
"We are extremely excited to partner with Paras as not only are they the premier defence technology company in India but they also have an established presence in the government and the public sector," said Dr Rahul Kushwah, chief operating officer of Predictmedix, in a statement.
"We will be leveraging their expertise not only for fabrication but also to target this significant business opportunity."
Predictmedix's technology is focused broadly on four areas - impairment, infectious disease, mental health and remote patient monitoring/telehealth. The firm has said the market opportunity across this spectrum is enormous - up to an eye-watering US$300 billion.
It has developed an innovative platform using mass-screening and artificial intelligence (AI) to collect data, which can identify if someone is under the influence of cannabis or alcohol impairment.
Amid the current COVID-19 crisis, the firm is also expanding its proprietary AI technology to screen for infectious disease symptoms.
“We are looking forward to working with Predictmedix to capitalize on this market opportunity," added Anish Mehta, director at Paras on the partnership.
Paras manufactures defence electronics and space application products. It offers defence automation and control, rugged displays, computing, sensors, missile motors, rockets, telescopes, guns, and ammunition, special-purpose machinery.
Shares added 4.65% in Toronto to stand at C$0.45 each.
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