DUOT - Duos Secures $2.4 Million AI Subscription and Services Agreement | Benzinga
JACKSONVILLE, Fla., Jan. 17, 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, announced a strategic move aimed at revolutionizing rail safety. The Company has solidified its collaboration with a leading Class 1 railroad to implement a three (3) year agreement for advanced AI-Based Defect Detection models into their day to day operations as well as preventative site maintenance programs for the railroad's Railcar Inspection Portals. Incorporating a unique subscription-based AI offering, the agreement sets new industry standards for comprehensive long-term collaboration in meeting and exceeding railway safety initiatives.
This agreement formalizes a long-term partnership between the rail carrier and Duos to proactively co-operate in critical AI solutions to streamline detection of mechanical railcar defects as its equipment traverses North America. This significant alliance aims not only to enhance railway safety but also to assist in expediting waivers from the Federal Railroad Administration's ("FRA") regulatory requirements, optimizing safe transit.
This unique alliance is a major step forward in revolutionizing rail safety practices, emphasizing a commitment to proactive, state-of-the-art technology deployment. Leveraging the power of AI, Duos will work together with the carrier to ensure the highest possible safety standards across its railway network.
"As I discussed in our November conference call, the ...