Trust Stamp has licensed its computer vision and other AI-based technologies for use in Hydrogen-Powered Search & Rescue, Humanitarian Services, Surveillance, and Delivery Drones in a transaction generating $5,000,000 of income for Trust Stamp in Q3 of 2024
ATLANTA, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), a global provider of AI-powered technologies, announces a strategic implementation with Boumarang Inc. (“Boumarang”), a pioneer in drone technology and hydrogen power solutions. The implementation will see Trust Stamp’s computer vision, data tokenization, and other AI-powered technologies integrated into and used in conjunction with groundbreaking hydrogen-powered UAV systems.
Market Opportunity
The global drone market was valued at USD 22.4 billion in 2022, and it is expected to grow from USD 28 billion in 2023 to USD 166.7 billion by 2031, with a compound annual growth rate (CAGR) of 25% during the forecast period from 2024 to 2031.
The collaboration between Trust Stamp and Boumarang addresses a burgeoning market opportunity as businesses and governments worldwide seek efficient, sustainable, and secure surveillance and delivery solutions. Integrating hydrogen power with advanced AI capabilities promises unprecedented operational efficiency, environmental sustainability, and security advancements.
Hydrogen-powered drones offer significant advantages over legacy battery-powered systems, including longer flight times, faster refueling, and reduced environmental impact, including noise pollution. Combining these benefits with Trust Stamp's cutting-edge AI technology will result in a state-of-the-art solution capable of enabling a wide range of humanitarian services and transforming industries such as logistics, security, agriculture, and more.
Trust Stamp has granted Boumarang a non-exclusive license to use its computer vision and other patented AI technologies in conjunction with its hydrogen-powered drones for a $5,000,000 one-time license fee. The license fee has been paid by the issuance of pre-paid common stock warrants at fair market value, granting Trust Stamp equity participation in the Boumarang enterprise. The license income will be booked as “other-income” by Trust Stamp following the completion of an independent valuation of the securities received.
Colin Guinn, Chief Innovation Officer of Boumarang
"We are excited to partner with Trust Stamp to take our hydrogen-powered drone technology to new heights. This collaboration leverages our expertise in sustainable energy solutions with Trust Stamp's advanced AI capabilities, creating a product that is not only innovative but also environmentally responsible. We believe this partnership will set a new standard in the drone industry, providing businesses and governments with a reliable and efficient tool for a wide range of applications." Boumarang’s leadership team comprises industry experts in military, engineering, and science, collectively bringing decades of experience to drive innovation and excellence.
Gareth N. Genner, Chief Executive Officer of Trust Stamp
"Partnering with Boumarang aligns perfectly with our goal to deliver our cutting-edge AI solutions via partners in different industries. This innovative drone system will offer a powerful tool for humanitarian services, real-time search & rescue and surveillance missions, and secure delivery, fueled by the endurance and sustainability of green hydrogen power. We believe that this partnership will open up new markets and licensing opportunities for us in government and non-government sectors, driving significant growth potential."
About Trust Stamp
Trust Stamp is a global provider of AI-powered technology for use in multiple sectors, including banking and finance, regulatory compliance, government, real estate, transportation, communications, and humanitarian services. With team members from twenty-two countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI).
About Boumarang
Boumarang Inc. is pioneering the future of multi-purpose, AI-driven drones designed to tackle a wide array of commercial, infrastructural, humanitarian, and military challenges. From autonomous last-mile product delivery to emergency response and infrastructure repair, Boumarang's fully customizable drone solutions offer unparalleled performance, patented stability, and superior lifting capacity.