FireAngel (AIM:FA.) has been granted a European patent for its cloud-based FireAngel PredictTM fire detector platform, the company told investors on Wednesday.
The home safety products firm, formerly known as Sprue Aegis, said the patent approval followed a ‘thorough’ examination process by the European Patent Office.
Under the patent, the provider of connected smoke alarms and carbon monoxide alarms will be granted the exclusive right to exploit its technology across Europe, protecting the operating system required to deliver the platform’s functionality.
An AI technology platform, FireAngel PredictTM can predict domestic fires by automatically analysing historical data stored in the cloud and delivering online notifications to occupants.
Shares in FireAngel Safety Technology Group were trading 3.64% higher at 14.25p on Wednesday morning.
The company, which already holds patent approvals across the US and Australia, has labelled its FireAngel PredictTM platform as “a unique capability” within the housing sector.
John Conoley, Executive Chairman of FireAngel recognised the importance of the patent in opening up “a whole new market” for the group to target.
Meanwhile, the company announced the launch of its FireAngel Pro Connected platform which is available for purchase on Amazon, Screwfix and Toolstation.
In a trading update on Monday, the group informed investors that exceptional charges would affect its 2019 results and shares dropped to over 8%.
The firm attempted to offer some reassurance to customers however by outlining that the problem was not critical and only impacted certain products and territories.
The group anticipates results for the year ending 31 December 2020 to be in line with market expectations.
Follow News & Updates from FireAngel Safety Technology Group here: