Duos Technologies contract modification secures $1.1 million for add-on passenger rail upgrades

March 23, 2023
The contract modifications will enable add-ons to the Company’s long-term installation of the company's high-end Railcar Inspection Portal.

Duos Technologies Group, Inc., through its operating subsidiary Duos Technologies, Inc., secured contract modifications worth $1.1 million in add-on upgrades to a new system for an existing customer in the passenger transportation sector. The company, a provider of machine vision and artificial intelligence that analyzes fast moving vehicles, intends for the add-ons to be the next step in their long-term installation of the company’s high-end Railcar Inspection Portal (rip® or RIP).

Due to recent events surrounding derailments, federal, state and local governments are placing focus on preventative measures and technologies that railcar operators can use to mitigate the risk of mechanical defects. Duos continues to work with stakeholders to provide a growing suite of technical solutions for such operators, including the company’s new RIP.

Duos expects the new technology to be operational later this year. When online, these RIPs will provide enhancements to existing systems, including trackside image data processing, as well as wheel tread and brake analysis.

“We have been working for many years with our Class 1 customers to refine critical defect detection requirements and have invested tens of millions of dollars in designing, developing and deploying the latest imaging technologies and artificial intelligence models to address their needs,” said Duos Chief Executive Officer Chuck Ferry. “As our offerings improve, we will continue to explore add-on opportunities, such as this agreement with an existing customer, to ensure deployed systems are continually up to date with the most advanced iterations of our hardware and software. Moving forward, we plan to continue our important work with the industry stakeholders to drive better and safer outcomes for everyone.”

Last week, the company issued a press release showcasing its RIP, and how it can be tailored to meet specific applications to ensure safety measures on the North American rail network. The company believes that by customizing a RIP, rail operators can benefit from its features and functionality, including its safety and inspection capabilities.