Ukraine seeks Safe Pro’s AI drone technology for demining By Investing.com

AVENTURA, Fla. – Safe Pro Group Inc. (NASDAQ: SPAI ), a provider of artificial intelligence (AI) solutions with a current market capitalization of $61.64 million, announced today that it has received an application from the State Special Transportation Service Ukraine (SSTS) for the purchase of AI-powered drone demining packages valued at $5 million. According to InvestingPro data, the company has shown a strong recent momentum, with its stock surging over 19% in the past week. The SSTS, comparable to the US Army Corps of Engineers, aims to enhance the efficiency and safety of its demining operations in an area in Ukraine that exceeds 139,300 km2, which is contaminated from landmines and unexploded ordnance (UXO).

The required Safe Pro AI Drone Demining Packages are designed to improve terrain surveying for planning and construction projects, in addition to demining activities. These packages include the company’s patented SpotlightAI™ threat detection platform, which analyzed more than 921,471 drone images in Ukraine, identifying more than 16,540 explosive remnants of war across 4,219 hectares. SpotlightAI™ operates on the Amazon (NASDAQ:) Web Services (AWS) cloud and can analyze any drone image in less than 0.2 seconds, a significant improvement over traditional methods that can take minutes per image.

The economic impact of soil contamination in Ukraine is substantial, with estimated losses of more than $50 billion. According to the Ministry of Economy of Ukraine and the assessment of February 2024 of the World Bank, the cleaning of the land with the existing methods could take more than a decade and cost more than $ 35 billion. While Safe Pro Group maintains a healthy liquidity position with a current ratio of 3.19, InvestingPro The analysis reveals 8 additional key insights into the company’s financial position and growth prospects. Subscribers can access detailed valuation metrics and financial health scores to make informed investment decisions.

Dan Erdberg, president and CEO of Safe Pro Group Inc., expressed the company’s commitment to working with stakeholders to secure funding for the demining kits, which are part of a collaborative effort with the SSTS to modernize and demining capacity of Ukraine.

Safe Pro Group’s SpotlightAI™ leverages advanced machine learning models for small object detection and data reporting. It can operate locally or through the hyper-scalable AWS Cloud, processing large amounts of drone imagery to deliver high-resolution 2D and interactive 3D maps for enhanced situational awareness.

The information in this article is based on a press release from Safe Pro Group Inc. The company is a leading provider of AI solutions for drone image processing, targeting markets including the commercial, government, law enforcement and humanitarian sectors. With a twelve-month turnover of $1.56 million and an EBITDA of -$9.88 million, the company is in its growth phase. InvestingPro Subscribers can access comprehensive financial analysis, including Fair Value estimates and growth projections, to better understand the company’s potential in expanding the defense technology and AI markets.

In other recent news, Safe Pro Group Inc. has made significant strides in its operations. The company reported growth in production and sales for its ballistic protection division, Safe-Pro USA LLC, which is expected to contribute significantly to its fourth quarter revenue. The company has also completed ballistics testing for its “305 PRO” armor plates, pending certification by the National Institute of Justice.

In technological advancements, Safe Pro Group launched its new software, SpotlightAI ONSITE, designed for real-time detection of landmines using drone technology. The software was tested in Ukraine and processed more than 921,471 images, identifying more than 16,540 landmines and unexploded ordnance.

Additionally, the company has completed several milestones under a contract with a Florida municipal police department for its Drone-as-a-First-Responder system. Safe Pro Group subsidiary Airborne Response has also secured a purchase order for drone inspections from a multinational telecommunications company, scheduled for execution in 2025.

Safe Pro Group has been granted a US patent for its SpotlightAI™ technology, which uses machine learning to identify explosives from images captured by drones. The patent is valid until 2043 and has been instrumental in locating more than 10,000 mines in Ukraine.

Financially, Safe Pro Group reported an increase in anticipated annual revenue of more than 200% for the fourth quarter. These recent developments highlight Safe Pro Group’s continued progress in expanding its operations and technology offerings.

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