Duos Secures $2.4 Million AI Subscription and Services Agreement

Multi-Year Partnership to Use, Maintain, and Further Develop AI-Based Defect Detection Solutions for Streamlined Rail-Transit across North America

JACKSONVILLE, Fla., Jan. 17, 2024 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), through its operating subsidiary Duos Technologies, Inc., a provider of Machine Vision and Artificial Intelligence (“AI”) to analyze fast moving freight, passenger and transit trains and trucks, announced a strategic move aimed at revolutionizing rail safety. The Company has solidified its collaboration with a leading Class 1 railroad to implement a three (3) year agreement for advanced AI-Based Defect Detection models into their day to day operations as well as preventative site maintenance programs for the railroad’s Railcar Inspection Portals. Incorporating a unique subscription-based AI offering, the agreement sets new industry standards for comprehensive long-term collaboration in meeting and exceeding railway safety initiatives.

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 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.

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 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 Chief Executive Officer 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.”