Advanced AOD Software for Geophysical, Defense MMOs & MLOs and Seabed Classification
Survey Engine Delivers Record-setting Results
ORLANDO, FL, Nov. 13, 2018 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (CODA) (Nasdaq: CODA), a global leader in real-time 3D sonar technology and real-time subsea intelligence, today announced the launch of its newest breakthrough technology, an artificial intelligence-based Automatic Object Detection (AOD) software product series which presents an opportunity to extend its customer base. CODA’s AOD allows users to automatically detect and recognize distinct subsea objects, such as boulders or mine-like objects (MLOs). The technology provides significant cost savings and reduces the time required for subsea operations both within the commercial and defense space.
CODA’s initial product in its AOD series is the Survey Engine Automatic Object Detection Package (SEADP), based on algorithms designed and developed around Artificial Intelligence (AI) techniques. The SEADP enables geophysicists to automatically accomplish a previously manual, painstaking and costly task. After geophysical users collect data at sea, they then spend many labor hours going through this data manually to identify, tag and report on boulders within the seabed site.
CODA’s revolutionary SEADP reduces these tasks significantly, by completing them in minutes as opposed to days. The SEADP automatically detects boulders and their measurements located on the seabed, even in high clutter environments and complex geometries, and generates a comprehensive report on each detected boulder. In addition, the SEADP automatically computes the boulder position, length and height to further automate the vital analysis of the seabed condition. The detection of boulders is critical in the determination whether an area is suitable for construction, such as pipeline planning for industries including oil and gas and offshore wind energy.
The SEADP is the first in the AOD series of AI-based technology products that the Company intends to launch during fiscal year 2019. CODA’s SEADP AI technology development continues with a current focus on man-made objects (MMOs) and mine-like objects (MLOs) detection and classification. These AOD products will form part of CODA’s future technology releases for MLO detection for defense/military customers.
Annmarie Gayle, CODA’s Chairman and CEO, commented: “The subsea market is evolving and seeking technology that can increase productivity gains, thus reducing costs of its operations. This is exactly what our new artificial intelligence-based technology allows our customers to achieve. We are very excited to have accomplished this breakthrough AI technology, which based on early customer trials is set to revolutionize the workflow process for many subsea operators.
“Our SEADP has been in trial with two significant customers who have reported significant productivity gains by using the SEADP. In one such trial, the SEADP package accurately recorded 4,600 boulder contacts in 3km of line data within nine minutes, and produced the contact report detailing the ping number, boulder position, and boulder size within 50 minutes. This level of data would typically have taken about three days, including preparing reports,” continued Ms. Gayle. “This is an important milestone for us as a business. Coda Octopus’ success started with innovating the first software package for the geophysical market, a breakthrough which, then, digitized side-scan sonar data in 1994. Our GEO Survey Software Package became the industry standard and was the main source of revenues for the Company for five years. The SEADP builds upon this innovation capability, and gives us another entry point into the defense/military arena. We are currently in the process of extending this capability for defense applications including mine detection at sea, and further commercial applications including seabed classification.”
About Coda Octopus Group, Inc.
The Company, founded in 1994, manufactures and markets patented real-time 3D/4D subsea sonar technology, Echoscope®, which enables real-time 3D/4D imaging and mapping in zero visibility conditions underwater, and is used globally in numerous applications including defense, marine construction, oil and gas subsea infrastructure installation and surveys, and port and harbor security. For further information, please visit, http://www.codaoctopusgroup.com or contact us at: coda@codaoctopusgroup.com.
Forward Looking Statement
This press release contains forward-looking statements concerning Coda Octopus Group, Inc. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those forward-looking statements include, without limitation, statements regarding the Company's expectations for the growth of the Company's operations and revenue. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, customer demand for our products and market prices; the outcome of our ongoing research and development efforts relating to our products including our patented real time 3D/4D solutions; our ability to develop the sales force required to achieve our development and other examples of forward looking statement set forth in our Annual Report on Form 10-K for the year ended October 31, 2017, filed with the Securities and Exchange Commission on January 30, 2018. Coda Octopus Group, Inc. does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
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