AVENTURA, FL - Safe Pro Group Inc. (NASDAQ:SPAI), a leader in artificial intelligence (AI) solutions for drone imagery processing in humanitarian mine-clearing efforts, announced today that it has received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for its SpotlightAI™ technology. This approval marks a significant milestone for the company, confirming the patentability of all 21 claims relating to the autonomous detection, identification, and labeling of explosives using AI from drone images.
The USPTO's Notice of Allowance is the final step before Safe Pro is awarded the formal patent, which is expected to expire in 2043. This patent will provide extensive intellectual property protections for SpotlightAI™, a cloud-based software platform that identifies, locates, and maps landmines and unexploded ordnance (UXO) from drone imagery.
Safe Pro Group has also filed for global patent protection with the World Intellectual Property Organization (WIPO) under the Patent Cooperation Treaty (PCT), which could extend these protections to 157 contracting states.
SpotlightAI™ is currently deployed in Ukraine, assisting humanitarian mine action organizations, including a recent collaboration with the United Nations Development Programme (UNDP). The system is compatible with commercially available drones and utilizes advanced machine learning models to detect and report on over 150 types of land mines and UXO.
Amazon (NASDAQ:AMZN) Web Services (AWS) has supported the development of SpotlightAI™, recently publishing a case study on its effectiveness. The AWS Cloud's scalability allows the software to process vast amounts of high-resolution drone imagery, providing detailed maps that enhance situational awareness for demining efforts.
Safe Pro's Chairman and CEO, Dan Erdberg, emphasized the potential of AI and drones in military action and post-conflict remediation, stating their technology aims to make the world safer by providing critical data to demining and recovery teams.
The announcement of the patent allowance is based on a press release statement from Safe Pro Group Inc. and highlights the company's commitment to leveraging its technology to address global challenges posed by landmines and UXO.
In other recent news, Safe Pro Group Inc. announced that its subsidiary, Airborne Response, has secured a one-year contract extension with Citizens Property Insurance Corporation. This marks the second consecutive year of the extended agreement, following the initial three-year contract that began in 2018. Airborne Response will continue to supply aerial services to the Florida-based insurer, deploying uncrewed aircraft systems to conduct both routine and disaster response flights. These operations play a crucial role in assessing roof structures and other points of interest for Citizens' business units, aiding in claim evaluations and responses to catastrophic events. The services provided have fostered trust and value with Citizens, as stated by Christopher Todd, President of Airborne Response. The company's focus remains on utilizing AI and machine learning in conjunction with drone technology to enhance safety and operational efficiency across multiple markets. These recent developments underscore Airborne Response's commitment to supporting Florida's residents and businesses by providing on-demand disaster drone flight services throughout the Southern U.S.
InvestingPro Insights
Amidst the significant advancements Safe Pro Group Inc. (NASDAQ:SPAI) is making in the field of AI for humanitarian efforts, the company's financial metrics offer a mixed picture. According to InvestingPro data, Safe Pro Group Inc. has a market capitalization of $43.66 million, underscoring its status as a niche player in the AI solutions industry. Despite the company's technological strides, it has not been profitable over the last twelve months, with an operating income margin of -811.12% for the same period, reflecting substantial investment in research and development for its pioneering technologies.
InvestingPro Tips indicate that Safe Pro Group Inc. generally trades with high price volatility, which could be attributed to the specialized nature of its business and the market's response to its recent technological developments. Additionally, the stock has experienced a significant return over the last week, with a 10.14% price total return, signaling investor optimism following the patent allowance news. Nonetheless, the stock has fared poorly over the last month, with a price total return of -26.23%, which may reflect broader market trends or specific investor concerns about the company's short-term financial health.
Investors interested in the detailed financials and additional InvestingPro Tips for Safe Pro Group Inc. can explore more at InvestingPro. The platform offers a comprehensive analysis, including a fair value estimation of $2.06, which could be a crucial piece of information for those looking to invest in the company. Notably, there are several more tips available on InvestingPro, providing investors with a deeper understanding of the company's financial position and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.