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Sparc AI Inc
Symbol SPAI
Shares Issued 13,044,316
Close 2024-10-03 C$ 0.30
Market Cap C$ 3,913,295
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Sparc AI completes Version 2.0 of target system

2024-10-03 17:16 ET - News Release

Mr. Anoosh Manzoori reports

Sparc AI COMPLETES DEVELOPMENT OF ADVANCED TARGET ACQUISITION SYSTEM

Sparc AI Inc.'s development of Version 2.0 has been completed, and the company is testing the solution.

Version 2.0 introduces enhanced capabilities tailored for identifying target locations in challenging terrains and environments. This upgraded technology is designed to address the most difficult target acquisition tasks, aiding sectors such as search and rescue, border security, defence, and situational awareness. With this new version, users can pinpoint the exact geolocation of hidden targets or areas of limited visibility , whether they are positioned on ridges or hillsides, or concealed within coastal cliffs and mountainous regions.

The company is intensifying its efforts to expand its presence in the target acquisition system market, which is valued at $13.59-billion (U.S.), according to Statview Research. While many competitors depend on complex, costly and heavy hardware solutions deployed on the ground, such as the Elbit Systems' Hattorix, Sparc AI has taken a different approach. It has developed an innovative software solution that integrates seamlessly with drones, enabling a cost-effective and rapid deployment and efficient target acquisition across a broad area, including challenging and complex terrains.

The company has begun implementing a new billing platform to streamline the management of recurring payments for its software. This platform will handle billing cycles, licensing and payments on a per-drone basis while also providing a solution for managing billing and payments for resellers and channel partners.

The company is looking forward to sharing test results of Version 2.0 over the coming weeks.

About Sparc AI Inc.

Sparc AI designs and develops high-technology solutions for GPS denied environments that enhance perception and awareness. The company has developed an innovative target acquisition system and autonomous flight solution for drones without requiring GPS, satellite, lidar, radar, image recognition, or any other complex hardware or software solution.

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