December 5, 2022 -- InvestorsHub NewsWire -- via NetworkNewsWire
Editorial Coverage: Although some people may be surprised,
today’s world is full of robots. While these electro-mechanical
devices may not be in the form of a cyborg RoboCop, they’re already
serving people in countless ways. Industrial robots are a primary
application today, with the world becoming accustomed to, and even
expecting, life-altering technologies as robots shuttle people
around, perform surgeries, keep communities safe, and much more. A
global market summary by the International
Federation of Robotics showed the robot trend
accelerating, with a record 517,000 new industrial robots installed
in factories around the world in 2021, up 31% from 2020. A host of
innovative companies — including Knightscope, Inc.
(NASDAQ:
KSCP) (Profile), Velodyne Lidar Inc. (NASDAQ:
VLDR), Pacific Gas & Electric Co.
(NYSE:
PCG), NVIDIA Corp. (NASDAQ:
NVDA) and Palantir Technologies Inc.
(NYSE:
PLTR) — are investing in, developing and
deploying leading-edge technology that is proving the value of
robots in everyday lives or increasing their long-term
potential.
- Approximately 2.7 million
industrial robots were in use in 2020, creating a global market
valued at $55 billion that is expected to reach $165 billion by
2028
- Knightscope robots have
1.8-plus million hours of operation, have been documented to deter
criminal activity and have proven invaluable in convictions of
crimes
- Knightscope completed its
first acquisition in October, buying CASE Emergency Systems
- November has seen a surge of
new orders, activations for Knightscope crime-fighting robots and
CASE emergency phones
Click here to view the custom infographic of
the Knightscope, Inc. editorial.
Robots Everywhere, Just Getting Started
In 2020, the size of the global industrial robot market was
estimated at around $55 billion, with some 2.7 million units of
industrial robots in operation worldwide, according to analysts
at Statista. In 2028, the market size is projected to
surpass $165 billion. Ironically, while industrial robots are
working away in factories and warehouses, other robots are watching
over them, providing security in another burgeoning market.
According to ResearchandMarkets, the global security robot market
will climb 14.1% annually from $8.7 billion in 2021 to $19.3
billion by 2027, an increasingly important segment of the overall
$500 billion security market.
Given the sheer volume of crimes committed today, there’s a
growing demand to employ robots equipped with high-definition
cameras, streaming and recording, with capabilities to surveille
public and private areas in a bid to deter, intervene, capture and
prosecute offenders. Robots aren’t intended to be a replacement for
human security personnel, rather high-tech assistants that are
incorruptible, cost efficient and relentlessly on patrol.
A global leader in the development of autonomous security
capabilities, Knightscope, Inc. is a Silicon
Valley-based designer and builder of Autonomous Security Robots
(“ASRs”) that provide 24/7/365 security anywhere people live, work,
visit and study in the United States. Knightscope is at the
intersection of four highly relevant technologies today: autonomous
driving, robotic, electric vehicles and artificial intelligence.
The company uses all these technologies to deliver comprehensive
systems that effectively give its customers extra eyes, ears and
voices on the ground. Further, the company offers Knightscope+,
which adds professional monitoring by former law enforcement and
military personnel to receive alerts and respond according to the
client’s security post orders.
Knightscope Projects Tripling Annualized
Revenue
In 2021, Knightscope ended the year with $3.4 million in
revenue. CASE Emergency Systems, its recent acquisition, generated
$5.4 million. “That’s a combined $8.8 million run rate last year
for both companies,” noted William Santana Li, Knightscope chair
and CEO. “We’ll be filing the 8-K for the combined entity at the
end of the year, but we expect that the two units together will
likely be running at a revenue run rate in the range of $12 million
to $14 million, delivering on the accelerated growth versus the
$3.4 million from 2021 by significant amount. The rise of the
robots is happening.
“The size of our contracts continues to increase as we have
announced numerous multi-unit deals such as the doubling of the
contract with PG&E along with the growth of three major
healthcare networks and universities,” Li continued in
the video update. “Plus, we recently signed the largest K5
order in the company’s history from a major retailer. We are
gaining clients that can scale as we make more and more progress in
multiple verticals.”
To date, Knightscope’s client base spans the federal government,
public institutions and commercial businesses including many
Fortune 1000 companies, hospitals, school campuses, entertainment
venues, logistics, storage facilities, manufacturing plants and
more. The company makes five different models of its robots,
two of which are stationary and three that are mobile and designed
for different environments (inside, outside, and a rough terrain
model under development).
Knightscope crime-fighting robots are customizable to a client’s
needs, albeit crime detection and prevention or public safety.
Models can be equipped with features for detecting fires, reading
license plates, or two-way communications features. To date,
Knightscope robots have registered more than 1.8 million hours of
operation where their effect has been documented via data analysis
and adjudication. Deployment of a single K5 unit in Huntington Park
in Los Angeles County resulted in 46% fewer crimes reported and a
27% rise in arrests over the period of one year. Not surprisingly,
Huntington Park City Council unanimously voted to extend the
Knightscope contract.
That is only a single
example among many. Knightscope robots have been involved in
closing cases involving burglary, domestic violence, hit-and-run,
auto theft, fraud, shootings and more. The company also has a
mobile app where people can take a video of an area where a
Knightscope robot would be great for increasing public safety.
CASE Acquisition
As mentioned, last month Knightscope expanded its revenue
streams with the acquisition of CASE Emergency Systems, a leader in
blue-light emergency phones and an innovator in next-generation
wireless emergency communications technology. Emergency blue-light
phones are systems and communication equipment using solar power
and satellite communication technology to provide reliable
communications and improve public safety on freeways, bridges,
tunnels, parking lots, campuses and industrial complexes, as well
as on remote roadways, parks and recreational areas.
The acquisition was expected to be accretive to Knightscope, as
CASE generated more than $5.4 million in profitable revenue in
2021. The new report from Knightscope transforms that expectation
into a reality. Moreover, the acquisition gives Knightscope
extended reach in its physical presence throughout the U.S. CASE
has a multistate team, more than 7,000 devices deployed nationwide,
and nine production and logistics facilities located across
California, Texas and New York.
A Blizzard of New Orders and Activations
Knightscope is on a mission to make the United States the safest
country in the world. To achieve this goal, the company aims to
deploy machines-in-network to provide support for the 1 million law
enforcement professionals and 1 million security guards throughout
the nation. As evidenced by news releases, Knightscope is making
headway towards its target.
The flurry of
news lately has included activating ASRs at a casino and
gaming facility in Iowa for a repeat client, a first agreement with
a Fortune 1000 hospitality company in Seattle, a new Fortune 500
consumer foods manufacturer client at an initial location with
potential to expand to 30 more, and an initial launch with a
multifamily housing developer with 25 properties in south Texas.
The acquisition of CASE has delivered synergies too, with
Knightscope receiving a new
contract at a New Jersey university for 31 of its K1 Blue
Light Towers and 10 of its K1 Blue Light E-Phones. Separately, a
Florida college placed an order for 22 K1 Blue Light Towers. Other
new activations include 25 more
ASRs and 16 K1 Blue Light Towers, along with five more
orders for ASRs across multiple verticals and states.
And that was just during the first two weeks of November.
Momentum is building for KSCP.
Majors Join the Trend
While Wall Street hasn’t been kind to tech companies in 2022.
However, artificial intelligence, self-driving vehicles and new
crime-fighting technology are the future of the United States and
the world. The demand is simply too high for the positive impact
these technologies will have on society. Expect to hear more about
Knightscope in the months and years to come; the company is now in
the mix with some of the biggest names in tech.
Velodyne Lidar Inc. (NASDAQ:
VLDR) ushered in a new era of autonomous
technology with the invention of real-time surround view lidar
(light detecting and ranging) sensors. Velodyne’s portfolio of
sensors and software are used in a wide range of industries
including robotics, industrial, intelligent infrastructure,
autonomous vehicles and advanced driver assistance systems
(“ADAS”). Velodyne this month agreed to provide its
lidar sensors to GreenValley International for handheld,
mobile and unmanned aerial vehicle 3D mapping solutions, including
in GPS-denied environments. Velodyne tech is also used in
Knightscope ASRs.
Palantir Technologies Inc.
(NYSE:
PLTR) is a leading-edge tech company that
operates under the mantra of “Foundational software of tomorrow.
Delivered today.” The
company has its hands in dozens of industries, including
crime fighting where its platform makes it possible for police and
security officers to integrate disparate information, amalgamating
complex data into unified investigations for solving and preventing
crimes.
Pacific Gas & Electric Co.
(NYSE:
PCG) has been looking to robots for years as part
of its operations, including inspecting
its gas transmission pipelines in an effort to increase
pipeline safety throughout the service area. The utility has also
turned to Knightscope’s autonomous security technology to augment
security details at certain properties. After conducting a pilot
program evaluating five Knightscope K5 ASRs last year, Pacific Gas
& Electric doubled the order in August to provide overwatch and
safety at specific locations.
NVIDIA Corp. (NASDAQ:
NVDA) is a go-to name in tech at the brain of
robotics. The company has its own Isaac(TM)
robotics platform that addresses manufacturing challenges
with an end-to-end solution designed to decrease costs, simplify
development, and accelerate time to market. Last year, Knightscope
selected NVIDIA technology to power its future fifth-generation
ASRs.
The fact is that robots offer benefits and do tasks that humans
simply cannot. Robots are highly optimal in specific applications,
particularly those that are highly repetitive or require incessant
vigilance. Simply put, advanced robot technology exceeds human
capabilities, with robot companies benefiting in the long haul.
For more information about Knightscope Inc., please
visit Knightscope,
Inc.
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