Class 1 Railroad Implements Duos Technologies’ Artificial Intelligence Models in Operations
Class 1 Operator Working with Duos to Streamline Detection of Mechanical Defects
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 that analyzes fast moving trains and trucks, today announced that it now has 30 of its artificial intelligence (“AI”) models in operations for a Class 1 customer location in Mexico.
The active AI models represent a majority of those that are available in the Company’s AI detection catalogue, all of which work in conjunction with the Federal Railroad Administration’s (“FRA”) mandated inspection points and are intended to give the railroad’s designated inspectors an enhanced toolset for them to identify actual or potential mechanical defects. By early identification of such defects, railroads can enhance their operations, leading to improved operational efficiencies including higher throughput and lower costs.
As part of the Company’s exhaustive research strategy to identify AI detection use cases for customers, three Class 1 railroads recently met with Duos at its Jacksonville headquarters to review the program and provide input to the development process.
“We made a strategic decision in 2021 to revamp our entire AI model research and development processes and to significantly increase our investment in AI production. Those efforts have translated to a loyal customer base that now regularly collaborates with us to help relieve residual pain points in their detection processes.
“Our deployment with this Class 1 customer is a major achievement as we further build out our AI capabilities, and we welcome the continued support from our key stakeholders as we expand our offerings moving forward.”
Duos recently released news that it expects to record more than $15 million in revenues for full year 2022 and between $20 million and $21 million for fiscal year 2023. A greater percentage of that revenue is now from high-margin, recurring revenue sources including the AI deployments and related support contracts.
This article was originally published by Duos Technologies, Inc.
