Duos Technologies Awarded $1.0 Million Contract for AI Algorithms
Duos Technologies Group, Inc., through its operating subsidiaries Duos Technologies, Inc., and truevue360, has been awarded an expanded contract with a Class 1 freight railroad for an estimated initial value of approximately $1.0 million in recurring revenue to be recognized over the five-year life of the contract.
The award provides for an initial library of Artificial Intelligence (“AI”) based algorithms which will analyze images from the Company’s rail inspection portal (rip) for maintenance inspection of the customer’s railcars. The development of the models and applications as well as hosting will be undertaken by the Company’s truevue360™ subsidiary. This latest award is indicative of an increasing trend in the railroad industry of automating railcar inspections, which have historically been conducted manually.
“We are expanding our library of AI-based automated inspection strategies through our new subsidiary truevue360™,” said Duos Chairman and 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.”