Patriot One buys XTRACT Tech to augment PATSCAN Platform capabilities
Category: #technology  By Mateen Dalal  Date: 2019-09-10
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Patriot One buys XTRACT Tech to augment PATSCAN Platform capabilities
  • Patriot One is thrilled to integrate a highly talented team join its ranks since they share the company’s vision for building a world that is safe from mass violence.
  • XTRACT team will bring with it leading-edge expertise in machine learning and artificial intelligence.

Patriot One Technologies Inc., a Vancouver-based company addressing spread of active violence across the world through weapon detection technology, reportedly announced the acquisition of AI company, XTRACT Technologies, including all of its related intellectual property, assets and interests for a total of $6,000,000 as well as the issuance of 9,422,956 common shares of Patriot One.

The acquisition of XTRACT is a part of an active strategic initiative by Patriot One to integrate leading-edge services and technologies which will augment the power of the company’s PATSCAN Platform, which provides a multi-sensor and layered approach for the detection of concealed threat as well as disturbance.

Patriot One’s President and CEO, Martin Cronin stated that the company had announced a development project with XTRACT about a month ago, and during this time Patriot One has readily witnessed great progress in important opportunities for improved detection accuracy.  

Martin further added that with novel sales opportunities arising daily for a multi-sensor, covertly deployed security solution, merging XTRACT more deeply into the company’s development as well as daily operations made a perfect sense. The company is thrilled to integrate this highly talented team join its ranks since they share the similar vision for building a world that is safe from mass violence.

XTRACT team will bring with it leading-edge expertise in machine learning and artificial intelligence (AI) to the staff of Patriot One. The novel neural network architecture of XTRACT along with its data fusion techniques are efficient, strong and demand less memory than the normal comparable standards.

With many strategic PATSCAN rollout initiatives under progress, which includes Bleutech Park-Las Vegas and Johnson Controls International supposedly announced around the last month, Patriot One finds this move as both crucial and necessary differentiator for future development of the platform.

Source credit: https://www.globenewswire.com/news-release/2019/09/09/1912711/0/en/Patriot-One-Acquires-Artificial-Intelligence-AI-Company-XTRACT-Technologies-Inc.html

About Author

Mateen Dalal    

Mateen Dalal

Despite working as a professional testing engineer, Mateen Dalal always held a liking for content creation. Following his passion, he now pens down articles for itresearchbrief.com and a couple of similar portals. Mateen is a qualified electronics and telecommunicat...

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