Business
Acquisition of a Patented AI Valet System
Acquisition of a Patented AI Valet System.
About this update from Tekcapital Plc
[{"type":"text","content":"\n \nRNS Number : 9032U Tekcapital plc 30 October 2017 \n\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement via a Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n30 October 2017\nTekcapital plc\n(\"Tekcapital\" or the \"Company\")\n \nAcquisition of a New, Patented Artificial Intelligence\nValet System for Autonomous Vehicles and Drones\n \nTekcapital plc (AIM: TEK), a UK intellectual property (IP) investment group focused on creating marketplace value from university technology, is pleased to announce that its wholly-owned portfolio company, Guident Ltd, has exclusively licensed U.S. Patent # 9,429,943 from Florida Agricultural and Mechanical University. This patent has the potential to enable the development of software apps for controlling autonomous vehicles such as cars, trucks and drones using artificial intelligence. \n \nAs an example, with this new technology, the directors of Tekcapital believe that it is possible to develop apps that allow users of autonomous vehicles to dispatch their vehicles to identify available parking spots and park themselves and later retrieve the users of the vehicle when they are ready to go on to their next destination.\n \nGuident Ltd was established by Tekcapital to exclusively license and commercialise new technology to enhance the utility, safety and enjoyment of autonomous vehicles and drones. \n \nAccording to Research and Markets1, the global Autonomous Vehicles market is expected to grow at a CAGR of 39.6% during the forecast period 2017-2027 reaching $126.8 bilion by 2027.\n \nIn a recent interview in Fast Company2, Jim Hackett, Ford Motor Company's chief executive officer stated: \n\"You waste more time trying to find a parking place than you do being stuck in traffic,\" said Hackett. \"That's because you're trying to match the open parking place with where the car needs to go. We have a dream where they can actually tell each other that. The car and the parking spot are talking to each other. They find each other.\"\n \nCommenting on the license acquisition, Dr Clifford M. Gross, Execu...