Pop culture tends to portray Artificial Intelligence as something to fear, like The Terminator. But as our understanding of AI continues to develop, more and more companies are finding positive ways to utilize the emerging tech. AI machines learn and gather data faster than a human ever will. While this can be a scary thought, the functions they perform can have a great benefit for society when applied to an important endeavor. This is a notion that a company like Patriot One Technologies (TSX:PAT) (OTCQX:PTOTF) — along with other developers like Raytheon (NYSE:RTN), L3 Harris (NYSE:LHX), ShotSpotter (NASDAQ:SSTI), and Axon (NASDAQ:AAXN)—has taken to heart with its AI-powered security and defense solutions.
Innovation and Collaboration Leads to Next-Gen Tech
Patriot One (TSX:PAT) (OTCQX:PTOTF) is the developer of the PATSCAN Multi-Sensor Covert Threat Detection Platform, a network of sensor technologies that work with AI and machine learning software to detect and report on active threats such as overt or concealed weapons.
The PATSCAN Platform looks to become a significant departure from traditional security methods for saving lives, such as metal detectors. Using everything from microwave radar to targeted magnetic resonance to video analytics for threat object recognition, Patriot One’s sensors gather information and its AI software. In addition, these different sensors can be networked together to analyze this data and help each other enhance their detection roles through a process called “data fusion.”
Because the PATSCAN Platform is powered by AI, it gets smarter the longer it is deployed, refining its ability to distinguish, say, a steel pipe from the barrel of an assault rifle. The tech’s cognitive skills are like a perpetually-installed software update.
This technology doesn’t just appear out of nowhere. It’s the product of a Canadian government and NATO-funded project at McMaster University. Also, Patriot One (TSX:PAT) (OTCQX:PTOTF) is led by senior management experts in the areas of counter-terrorism, conflict resolution, government/corporate interface, sensor development, proactive security, and business development.
To ensure that the PATSCAN Platform offers industry-leading security applications, the company’s executive team has been inking deals with contemporaries in the tech sector.
For example, on July 31, Patriot One (TSX:PAT) (OTCQX:PTOTF) signed a collaborative agreement with Xtract Technologies, another AI company, that will see the two explore joint R&D activities. These businesses will be working to improve data performance with each threat detection sensor, as well as data fusion between the PATSCAN Platform’s radar, magnet, and video analytics technologies. Patriot One’s CEO, Martin Cronin, expects to see positive development within the next month.
Less than a week earlier, on July 25, the company announced it was licensing IP from Quasar Federal Systems that includes a targeted magnetic sensor technology for threat detection security screening. According to the terms of the deal, Patriot One (TSX:PAT) (OTCQX:PTOTF) can further develop and modify the technology, as well as manufacture, and sell the new threat detection solution. This will allow the development team working on PATSCAN TMS to significantly advance that solution’s intelligent targeting capabilities.
Other Companies Exploring Security-Focused AI Applications
Patriot One (TSX:PAT) (OTCQX:PTOTF) isn’t the only company finding out how to make the world a safer place through artificial intelligence and machine learning. One of America’s oldest and largest defense contractors, Raytheon (NYSE:RTN), has been employing the AI to improve cybersecurity. Late last year, the company partnered with Cybraics to develop digital security solutions that can use AI to help protect key social infrastructure like electoral, financial, and healthcare systems. What’s also interesting, Raytheon also engaged with Patriot One to assist in the development of its microwave radar threat detection solution. Raytheon made a $3M CAD non-dilutive investment with Patriot One to further enhance development with microwave radar and AI.
Another major company that’s expected to be innovating in the sector is L3 Harris (NYSE:LHX). Newly formed from the merger of L3 Technologies and Harris Corporation, L3 Harris focuses on advanced defense tech for everything from communication to surveillance and even space. While the company hasn’t officially declared its intention to focus specifically on AI, as the world’s sixth-largest defense contract, it’s all but assured that L3 Harris will have to.
Another company, ShotSpotter (NASDAQ:SSTI) uses artificial intelligence-driven analysis to reduce gun violence in cities. The company’s flagship product, ShotSpotterFlex, can detect the location of a gunshot and provide law enforcement with critical analytical information to help teams plan patrol and tactical missions. Powered by AI, ShotSpotterFlex has been implemented in over 100 cities across the United States, including high violence areas like New York City and Baltimore.
Similar to Shotspotter, Axon (NASDAQ:AAXN) traditionally supplies handheld defense tools to law enforcement personnel. But this company has also been exploring how AI can help municipal police officers perform their duties and remain safe. In fact, only a few years ago the company changed its name from TASER to Axon to de-emphasize its signature line of electrical weapons and to include a newfound investment into artificial intelligence R&D.
The Pathway to Market
As investors know, developing the tech is only half the battle. Capitalizing on the growing demand for quick, reliable, and non-invasive security solutions will be Patriot One’s (TSX:PAT) (OTCQX:PTOTF) next goal.
The company is currently in a market roll-out with its PATSCAN Platform and has begun engaging its global reseller partners and their clients. The platform’s deployments will include key client verticals such as resorts and casinos, sports and event venues, corporate offices, religious institutions and education centers. Additionally, the Company has said its in dialogue with several Fortune 1000 corporations.
Patriot One (TSX:PAT) (OTCQX:PTOTF) also recently entered the global marketplace with product shipments to its international clients scheduled to commence this month. Initial overseas reseller commitments represent nearly $1.96 million CAD in purchase orders over a multi-year commitment unique to each territory. The Company continues to work on securing additional orders from its global reseller partners and will announce as appropriate.
As headlines continue to reveal stories of active shooters and terrorist attacks, the public grows more impatient for security solutions that can protect them. According to a recent report, the value for the global AI-based security market is projected to be $34.81 billion by 2025.
AI may be the only thing capable of addressing a new world of hidden threats, and Patriot One (TSX:PAT) (OTCQX:PTOTF) has a rare opportunity to deliver for this lucrative, and socially important, market. Standing beside the company will be other security and defense companies like Raytheon (NYSE:RTN), which is looking into cybersecurity applications for AI and also working with Patriot One, L3 Harris (NYSE:LHX), which must expand into the AI sector to continue being an industry leader, and ShotSpotter (NASDAQ:SSTI), which will begin innovating on machine learning in order to refine its technology’s ability to locate detect the location of gunshots. Lastly, Axon (NASDAQ:AAXN) will begin investing in AI and machine learning to keep police work effective and safe.
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