Duos Granted AI Patent
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The introduction of Duos Technologies Group's AI patent is a significant advancement in rail safety. By integrating supervised machine learning with human oversight, the technology can enhance the accuracy of defect detection in rail systems. The 'human in the loop' feature ensures that the AI's automated analysis is verified by industry professionals, which can lead to a reduction in human error and increase the reliability of inspections. This technology could potentially decrease the number of accidents and derailments, leading to a safer and more efficient transportation system. It is a step forward in applying sophisticated AI to real-world scenarios, which could set a new standard for operational safety within the rail industry.
From a technological perspective, Duos Technologies' patent represents an impressive integration of AI into a critical industry. The application of supervised machine learning, where the algorithm is trained on labeled data, is particularly well-suited for defect detection tasks. The real-time analysis of high-resolution image data and metadata could lead to advancements in predictive maintenance, potentially saving costs associated with railcar downtime and extensive repairs. The emphasis on creating a system that is built with input from rail industry experts suggests a high level of practical applicability and performance, potentially leading to broader industry adoption of such AI systems.
For investors and stakeholders, the awarding of this patent to Duos Technologies could signal increased future revenue streams and market competitiveness. The technology not only adds to the company's intellectual property portfolio but also enhances its value proposition to clients in the rail industry. The recent multi-year contract with a Class 1 railroad indicates market confidence in the technology and could lead to further contracts. Long-term, the adoption of this AI-driven approach could result in operational cost savings for rail companies and increased safety records, potentially reducing insurance premiums and liability costs. However, the costs associated with implementing and maintaining such advanced AI systems must be weighed against these benefits.
Rail safety patent with supervised machine learning, proactively detects defects, identifies derailment risks, setting a new benchmark for rail industry safety enhancement
JACKSONVILLE, Fla., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT) through its operating subsidiary Duos Technologies, Inc. a provider of Machine Vision and Artificial Intelligence (“AI”) to analyze fast moving freight, passenger and transit trains and trucks, today announces the award of a groundbreaking patent, "Use of Artificial Intelligence to Detect Defects in Trains and Method to Use". This innovative AI patent reinforces Duos’ strong commitment to improving rail safety through technology. Utilizing the Duos proprietary AI process significantly enhances the effectiveness of mechanical railcar inspections to aid in derailment prevention, further improving safety, and streamlining operations.
“The timely delivery of actionable intelligence is a key objective of Duos inspection technology,” said Jeff Necciai, CTO of Duos. “This patent covers technology that seamlessly integrates supervised Machine Learning (“ML”) into the inspection process and introduces the “human in the loop” (HITL) feature, which empowers rail industry professionals to conduct focused, accurate and efficient inspections. I believe the patent was awarded due to our ability to perform real-time analysis of high-resolution image data and metadata, making it ideal for identifying defects, preventing hazards, and ensuring safety.”
Chuck Ferry, CEO of Duos, emphasized the significance of this patent in advancing rail safety. "Our AI-driven approach is a game-changer for the industry. By combining our deep understanding of the rail sector with AI technology, we're not only helping prevent derailments but setting a new standard for safety in the rail industry through innovation and strategic advancements in artificial intelligence."
Duos AI teams are staffed with rail industry experts, leading to a high-performance factor for automated detections while avoiding questionable results generated by theoretical models developed in a laboratory without specific rail industry expertise.
Duos was recently awarded a major multi-year contract for a Class 1 railroad using this AI technology. To stay up to date on the Company's most recent developments or to learn more about the Duos story and its revolutionary technology platforms, be sure to follow here or sign up for email alerts here. For more information please contact DUOT@duostech.com or visit the Company's website and social media channels: Website, LinkedIn, Twitter.
About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiary, Duos Technologies, Inc., designs, develops, deploys and operates intelligent vision-based technology solutions using Machine Vision and Artificial Intelligence (“AI”) to analyze fast moving freight, passenger and transit trains and trucks streamlining operations, improving safety and reducing costs. The Company provides cutting edge solutions that automate the mechanical and security inspection of fast-moving trains, trucks and automobiles through a broad range of proprietary hardware, software, information technology and artificial intelligence. For more information, visit www.duostech.com.
Forward- Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. All forward-looking statements attributable to Duos Technologies Group, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
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