Coda Octopus Launches Artificial Intelligence-Based Product for Automatic Object Detection and Identification
November 13 2018 - 6:00AM
Advanced AOD Software for Geophysical,
Defense MMOs & MLOs and Seabed Classification
Coda Octopus Group, Inc. (CODA) (Nasdaq: CODA), a global leader in
real-time 3D sonar technology and real-time subsea intelligence,
today announced the launch of its newest breakthrough technology,
an artificial intelligence-based Automatic Object Detection (AOD)
software product series which presents an opportunity to extend its
customer base. CODA’s AOD allows users to automatically detect and
recognize distinct subsea objects, such as boulders or mine-like
objects (MLOs). The technology provides significant cost savings
and reduces the time required for subsea operations both within the
commercial and defense space.
CODA’s initial product in its AOD series is the
Survey Engine Automatic Object Detection Package (SEADP), based on
algorithms designed and developed around Artificial Intelligence
(AI) techniques. The SEADP enables geophysicists to automatically
accomplish a previously manual, painstaking and costly task. After
geophysical users collect data at sea, they then spend many labor
hours going through this data manually to identify, tag and report
on boulders within the seabed site.
CODA’s revolutionary SEADP reduces these tasks
significantly, by completing them in minutes as opposed to days.
The SEADP automatically detects boulders and their measurements
located on the seabed, even in high clutter environments and
complex geometries, and generates a comprehensive report on each
detected boulder. In addition, the SEADP automatically computes the
boulder position, length and height to further automate the vital
analysis of the seabed condition. The detection of boulders is
critical in the determination whether an area is suitable for
construction, such as pipeline planning for industries including
oil and gas and offshore wind energy.
The SEADP is the first in the AOD series of
AI-based technology products that the Company intends to launch
during fiscal year 2019. CODA’s SEADP AI technology development
continues with a current focus on man-made objects (MMOs) and
mine-like objects (MLOs) detection and classification. These AOD
products will form part of CODA’s future technology releases for
MLO detection for defense/military customers.
Annmarie Gayle, CODA’s Chairman and CEO,
commented: “The subsea market is evolving and seeking technology
that can increase productivity gains, thus reducing costs of its
operations. This is exactly what our new artificial
intelligence-based technology allows our customers to achieve. We
are very excited to have accomplished this breakthrough AI
technology, which based on early customer trials is set to
revolutionize the workflow process for many subsea operators.
“Our SEADP has been in trial with two
significant customers who have reported significant productivity
gains by using the SEADP. In one such trial, the SEADP package
accurately recorded 4,600 boulder contacts in 3km of line data
within nine minutes, and produced the contact report detailing the
ping number, boulder position, and boulder size within 50 minutes.
This level of data would typically have taken about three days,
including preparing reports,” continued Ms. Gayle. “This is an
important milestone for us as a business. Coda Octopus’ success
started with innovating the first software package for the
geophysical market, a breakthrough which, then, digitized side-scan
sonar data in 1994. Our GEO Survey Software Package became the
industry standard and was the main source of revenues for the
Company for five years. The SEADP builds upon this innovation
capability, and gives us another entry point into the
defense/military arena. We are currently in the process of
extending this capability for defense applications including mine
detection at sea, and further commercial applications including
seabed classification.”
About Coda Octopus Group, Inc.
The Company, founded in 1994, manufactures and
markets patented real-time 3D/4D subsea sonar technology,
Echoscope®, which enables real-time 3D/4D imaging and mapping in
zero visibility conditions underwater, and is used globally in
numerous applications including defense, marine construction, oil
and gas subsea infrastructure installation and surveys, and port
and harbor security. For further information, please visit,
http://www.codaoctopusgroup.com or contact us
at: coda@codaoctopusgroup.com.
Forward Looking StatementThis
press release contains forward-looking statements concerning Coda
Octopus Group, Inc. within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Those forward-looking
statements include, without limitation, statements regarding the
Company's expectations for the growth of the Company's operations
and revenue. Such statements are subject to certain risks and
uncertainties, and actual circumstances, events or results may
differ materially from those projected in such forward-looking
statements. Factors that could cause or contribute to differences
include, but are not limited to, customer demand for our products
and market prices; the outcome of our ongoing research and
development efforts relating to our products including our patented
real time 3D/4D solutions; our ability to develop the sales force
required to achieve our development and other examples of forward
looking statement set forth in our Annual Report on Form 10-K for
the year ended October 31, 2017, filed with the Securities and
Exchange Commission on January 30, 2018. Coda Octopus Group, Inc.
does not undertake, and specifically disclaims any obligation to
update or revise such statements to reflect new circumstances or
unanticipated events as they occur.
Contact:
MDC Group Investor Relations: David Castaneda Arsen Mugurdumov
414.351.9758
Media Relations: Susan Roush 805.624.7624
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