Patriot One to Acquire Video Threat Recognition Software
Company Extends PATSCAN AI Technology to Incorporate Video Solution
Patriot One Technologies Inc.developer of the award-winning PATSCAN™ covert weapon detection system, is pleased to announce the execution of a definitive acquisition agreement with EhEye Inc. (“EhEye”) of New Brunswick, Canada (the “Transaction”).
Identified earlier this year as a prime candidate for integration into the PATSCAN product line-up, EhEye’s video threat recognition software recently met with overwhelming security reseller and end-client interest during a number of recent invitation-only industry events held at Patriot One’s development center in Las Vegas.
The terms of the Transaction provide for the acquisition of a 100% equity interest in EhEye by Patriot One in consideration of the issuance of 1,636,363 common shares of Patriot One to the existing shareholders of EhEye. Patriot also proposes to grant up to 277,775 replacement incentive stock options to employee, director and officer option holders of EhEye in consideration of the cancellation of those outstanding EhEye options.
“We are extremely excited to join the Patriot One team. Their mission to become the foremost proponent and provider of innovative threat detection and counter-terrorism solutions and services for general public safety fully aligns with our own mission,” stated James Stewart, EhEye’s CEO and President. “Further to that end, we expect their advancements in machine learning for weapon recognition through their proprietary PATSCAN software, as well as their key strategic partnerships, to propel our video recognition solution’s commercialization. This will ensure significantly enhanced detection capability whenever weapons are handled inside or outside of facilities like event venues, schools or virtually any public building.”
This truly unique system automates the detection of weapons, disturbances and suspicious behaviours through existing camera infrastructure. Using computer vision techniques coupled with machine learning for artifact recognition, the solution employs deep learning architecture to alert security teams to anomalies that a standard video system cannot identify.
EhEye is in the process of piloting the solution with an international airport and a correctional facility through the Build in Canada Innovation Program. In addition, the developers also received the support of the National Research Council of Canada. In 2017, they received three (3) awards two (2) KIRA awards for Most Innovative Startup and Most Innovative Technology and one (1) of StartupFest’s Choice Awards.
“We are very pleased to welcome the EhEye team into the Patriot One family. Their award-winning threat recognition software will integrate into our client’s existing video camera networks offering a first line of defense to detect active shooters or terrorists approaching a venue with weapons drawn,” explained Martin Cronin, CEO and President of Patriot One. “It will also offer an additional layer of detection inside buildings to track threats and even identify irregular disturbances or physical altercations between individuals.”
This novel video recognition software joins Patriot One’s family of threat detection solutions under the brand name PATSCAN VRS, denoting video recognition sensors for threat detection. Sales of the PATSCAN VRS solution will be based on a SaaS pricing model on a per camera-use basis per location. The solution is currently in late stage pilot testing, as the platform is an AI based system designed to improve weapon detection, disturbance recognition and ongoing accuracy once deployed. It will continually learn through shared network updates as part of its monthly recurring subscription service, similar to the revenue model for the Company’s flagship PATSCAN CRM covert weapon detection solution.
Additional technology candidates for potential inclusion into the PATSCAN product line-up are currently undergoing technical assessment, focus group and marketing evaluation. Subject to the conclusion of a rigorous period of due diligence, Patriot One aims to extend its brand offering through the inclusion of select technology partner agreements.
In October, Cisco Systems invited Patriot One, as one of its innovation partners, to showcase to its largest clients and partners our PATSCAN family of threat detection solutions, including PATSCAN VRS, during their annual Cisco Connect event at the Toronto Congress Centre. Further to this end, Patriot One expects to begin commercial deployment of the PATSCAN VRS solution to select customer sites followed by distribution to its security system integrator network in Q1 of 2019.