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We read about it in the headlines every day. Another mass shooting at a school. Multiple victims of an active shooter at the local mall or nightclub attacked by an armed assailant.
This is an enormous security problem. Active shooter incidents are becoming so commonplace in the United States, that finally, Americans are questioning safety surrounding schools, hotels, airports and other public places.
While doing my daily scan of emerging public companies, I ran across a very interesting company that is changing the game in threat detection and public security.
The company is Patriot One Technologies (TSX.V: PAT / OTCQX: PTOTF / FRA: OPL) and the technology they are developing could be the answer to preventing the gun violence madness.
This breakthrough technology is a twist on radar detection that surrounds us everywhere. You’ve seen the little black box above the doors at the local supermarket? The box that detects when you are approaching and automatically opens the doors?
The radar technology Patriot One employs, is designed to be placed at key access points, utilizing radio wave emissions to safely target, identify and notify of a concealed weapons threat through software recognition of specific wavelength patterns. While there are basic similarities to the little black box that sits atop a supermarket door, this is far more powerful and advanced.
This first of its kind security tech was developed through a NATO funded project at McMaster University. The near field radar developed has a higher resolution in detecting small objects, as well as a range of up to 2 meters (6.5 feet).
The system is coupled with cutting edge AI proprietary software that learns what is a weapon and what is not a weapon to reduce false positive identifications. Machine learning software using various algorithms is then shared across the network.
In company testing, the device achieved an overall effective detection rate of 93% accuracy.
These advances in radar technology have proven to be extremely effective during testing, cost effective and most importantly, portable.
In fact, the company won an award for best product in the Anti-Terrorism/Force Protection category at the prestigious ISC West event in Las Vegas. ISC West is the largest security industry trade show in the U.S.
Patriot One is commercializing its PATSCAN™ CMR technology as an automated alert system capable of covertly screening moving individuals for on-body concealed weapons (firearms, knives and explosives).
As the company explains on their website:
Microwaves are a safe non-ionizing energy with the capability to see through lightweight material such as clothing... Microwaves are reflected from the body at different levels compared to concealed objects...
The frequencies are received, and sophisticated software algorithms analyze the data to identify any concealed objects.
The opportunity for deployment is huge. Think of all the entrances in public transportation, schools, government and commercial buildings, and public events and venues. The potential of sales and growth could be staggering to say the least.
The company’s CEO and President Martin Cronin said in interviews with CNET that the technology has advanced to Stage-3 active testing and research in real world environments.
Patriot One announced they completed their testing and received certification from the European Telecommunications Standards Institute (ETSI), making their weapons detection system available for sale in 66 countries across Europe, the Middle East and Asia. This comes on the heels of the US Government FCC approval.
With these approvals, the company is actively reaching out to the US Congress and staff to share information on the PATSCAN™ CMR for safe school funding initiatives. The company reported the meetings were "favorably met" opening avenues to deployment in public schools.
And investors are taking notice of these advances. The company announced the closing of a C$25.3 million bought deal financing in February 2018, led by Canaccord Genuity. Then in November of 2018, Patriot One closed another deal with Canaccord Genuity for an additional C$46 million bought deal financing.
This gives the company plenty of firepower in pursuing its R&D and international expansion efforts in the upcoming year.
And the clients seem to be lining up. The company announced an agreement in principle worth several million dollars with a major international defense contractor to receive funding for further development and integration of its PATSCAN CMR technology.
Patriot One has been invited to collaborate with Cisco Systems (NASDAQ: CSCO) on its global innovation program. These efforts will assist effective commercial deployment of the PATSCAN family of threat detection solutions.
The future is looking bright for Patriot One in my opinion. That's why I have the company on my radar.
Watch this video featuring Tom Ridge, the first Secretary of the US Department of Homeland Security, and 43rd Governor of Pennsylvania, discussing Patriot One Technologies.
Verint Systems (NASDAQ: VRNT) calls itself is a world leader in the design, manufacture, and marketing of sensor systems that enhance perception and awareness. The Company's advanced thermal imaging and threat detection systems are used for a wide variety of imaging, thermography, and security applications, including airborne and ground-based surveillance, condition monitoring, research and development, manufacturing process control, search and rescue, drug interdiction, navigation, transportation safety, border and maritime patrol, environmental monitoring, and chemical, biological, radiological, nuclear, and explosives (CBRNE) detection.
MF Williams, Contributor
for Investors News Service
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