Business
Trust Stamp has licensed its computer vision and other AI-based technologies for use in Hydrogen-Powered Search & Rescue, Humanitarian Services, Surveillance, and Delivery Drones in a transaction generating $5,000,000 of income for Trust Stamp in Q3 o...
Trust Stamp has licensed its computer vision and other AI-based technologies for use in Hydrogen-Powered Search & Rescue, Humanitarian Services, Surveillance,
About this update from T Stamp Inc.
[{"type":"text","content":"Trust Stamp has licensed its computer vision and other AI-based technologies for use in Hydrogen-Powered Search & Rescue, Humanitarian Services, Surveillance, and Delivery Drones in a transaction generating $5,000,000 of income for Trust Stamp in Q3 of 2024 \n ATLANTA, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), a global provider of AI-powered technologies, announces a strategic implementation with Boumarang Inc. (“Boumarang”), a pioneer in drone technology and hydrogen power solutions. The implementation will see Trust Stamp’s computer vision, data tokenization, and other AI-powered technologies integrated into and used in conjunction with groundbreaking hydrogen-powered UAV systems. Market Opportunity: The global drone market was valued at USD 22.4 billion in 2022, and it is expected to grow from USD 28 billion in 2023 to USD 166.7 billion by 2031, with a compound annual growth rate (CAGR) of 25% during the forecast period from 2024 to 2031. The collaboration between Trust Stamp and Boumarang addresses a burgeoning market opportunity as businesses and governments worldwide seek efficient, sustainable, and secure surveillance and delivery solutions. Integrating hydrogen power with advanced AI capabilities promises unprecedented operational efficiency, environmental sustainability, and security advancements. Hydrogen-powered drones offer significant advantages over legacy battery-powered systems, including longer flight times, faster refueling, and reduced environmental impact, including noise pollution. Combining these benefits with Trust Stamp's cutting-edge AI technology will result in a state-of-the-art solution capable of enabling a wide range of humanitarian services and transforming industries such as logistics, security, agriculture, and more. Trust Stamp has granted Boumarang a non-exclusive license to use its computer vision and other patented AI technologies in conjunction with its hydrogen-powered drones for a $5,000,000 one-time license fee. The license fee has been paid by the issuance of pre-paid common stock warrants at fair market value, granting Trust Stamp equity participation in the Boumarang enterprise. The license income will be booked as “other-income” by Trust Stamp following the completion of an independent valuation of the securities received. Colin Guinn, Chief Innovation Officer of B...