Duos Secures $2.4MM AI Subscription and Services Agreement

Duos Technologies Group, Inc. (Duos) announced Jan. 17 that it has secured a three-year agreement with a leading Class I railroad for advanced AI-Based Defect Detection models into its day-to-day operations, as well as preventative site maintenance programs for the railroad’s Railcar Inspection Portals (RIP).

Incorporating a unique subscription-based AI offering, the $2.4 million agreement, Duos says, “sets new industry standards for comprehensive long-term collaboration in meeting and exceeding railway safety initiatives.”

According to the company, this agreement formalizes a long-term partnership between the rail carrier and Duos to “proactively co-operate in critical AI solutions to streamline detection of mechanical railcar defects as its equipment traverses North America.” This significant alliance, Duos adds, “aims not only to enhance railway safety but also to assist in expediting waivers from the Federal Railroad Administration’s (FRA) regulatory requirements, optimizing safe transit.”

According to Duos, “this unique alliance is a major step forward in revolutionizing rail safety practices, emphasizing a commitment to proactive, state-of-the-art technology deployment.” Leveraging the power of AI, Duos says it will work together with the carrier to ensure the highest possible safety standards across its railway network.

“As I discussed in our November conference call, the Company is focused on developing and implementing its best-in-class AI models and making them available to rail companies to help further streamline their operations,” said Duos CEO Chuck Ferry. “We have invested heavily in the development of our AI models by means of “real-world” situations. By using our in-house railroad mechanical inspection team combined with the most experienced commercial AI Engineering and Software Development talent, we develop models tailored for the industry. We believe this is a better approach than outsourcing to generic AI developers or universities using standard platforms which tends to produce theoretical results that generally do not perform at the high level we are delivering through our in-house teams.”

Duos has been implementing inspection and AI technologies at Class I railroads for more than 13 years based on this approach, according to the company. This agreement represents the first of a number of anticipated successes in building the company’s recurring revenue stream.