Maestrano Group (AIM: MNO) said its wholly-owned subsidiary Corridor Technology has won a £50K grant by Innovate UK for “business-led innovation in response to global disruption”.
The aim of the competition is to support UK registered businesses to focus on emerging or increasing needs of society and industries during and following the Covid-19 pandemic.
‘By fast-tracking innovation, the UK will be better placed to maintain employment levels, a competitive position in global markets and make the UK more resilient to similar disruption,’ the group said.
The winning Corridor project is titled "Machine Learning to enable remote infrastructure inspection tools using new and existing imagery,” this morning’s statement detailed.
It will entail the development of a fully standardised imagery and video data review system to allow asset inspectors in road, rail and energy corridors to review remote condition monitoring data (RCM), output from Corridor’s Machine Learning system.
Shares in Maestrano Group were trading 26.67% higher at 4.75p on Monday morning.
"This project will result in a new web-based review system which will simplify the presentation of results from our existing Machine Learning platform, enabling inspectors to do their work from any web-connected device and improve the accuracy and capacity of asset inspections,” said Nick Smith, Vice President of Sales for Maestrano Group.
"Coming on the heels of our Network Rail/SBRI win, this project will further accelerate our product development for the UK and global rail network asset management industry,” said Andrew Pearson, CEO of Maestrano.
He added, “Although smaller in value, this grant will nevertheless result in a new and important capability for our platform."
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