The #AIEye #Podcast -GBT’s CTO (OTC: $GTCH) and Bannix CEO (NASDAQ: $BNIX) discuss #AutonomousVehicles and $42.5 Million Apollo IP system Patent Purchase ; #Artificialintelligence
Also
discuss Apollo IP system implementation with Evie Autonomous
Vancouver, Kelowna, Delta, BC – August 23,
2023 – Investorideas.com (www.investorideas.com), a global investor news
source covering Artificial Intelligence (AI)
stocks releases a special edition of the AI Eye podcast looking at AI
technology in autonomous vehicles, featuring interviews with Bannix Acquisition Corp. (NasdaqCM:BNIX) and AI innovator GBT
Technologies Inc. (OTC PINK:GTCH).
Listen
to the podcast on Investorideas.com:
https://www.investorideas.com/Audio/Podcasts/2023/082123-AI-Eye-GBT-Bannix.mp3
Watch
the podcast on YouTube:
https://www.youtube.com/watch?v=ov9pxqYy3j8
Read this in full
at https://www.investorideas.com/news/2023/artificial-intelligence/08231GTCH-BNIX.asp
Hear the AI Eye Podcast on Spotify
As the market for Autonomous vehicles
grows, so too does the demand for innovation in its constituent technologies.
GBT Technologies Inc. (OTC PINK:GTCH),
a development-stage IoT and artificial intelligence firm, is seizing on this
trend with its recent entering into a definitive
Patent Purchase Agreement with Special Purpose Acquisition Company (SPAC)
Bannix Acquisition Corp. (NasdaqCM:BNIX). This deal will see Bannix
acquire the Apollo IP system through GBT Technologies’ 50 percent-owned GBT
Tokenize Corp., for a $42.5 million purchase price.
Apollo, which comprises four granted
patents and one pending, is described as a “radio frequency-based computer
vision technology that, upon full development, can provide autonomous vehicles
with superior perception and mapping capabilities in all lighting conditions
and weather.” The system emits radio waves to transmit and receive data from
objects in its environment, accruing data which is then processed by advanced
artificial intelligence algorithms to create a 3D image of the surrounding
area.
According to the press release, the Apollo
system will be implemented into Evie Autonomous, a U.K.-based autonomous
vehicle technology company that Bannix acquired through a business combination announced earlier this year.
Founded by British automotive entrepreneur Steven Lake, Evie makes driverless
platforms “with the goal of transforming logistics, public service and mass
transit.” In a recent interview with Investorideas.com, Bannix CEO Doug Davis,
described how Evie established itself, through the Evie Pod, at London Heathrow
Airport.
“A little while ago they bought out the
assets of the system that was deployed at Heathrow Airport for moving people
from parking to Terminal 5 and back,” he said. “For the last few years there’s
been an autonomous electric pod system – no drivers, just push the button on
the screen and the pod arrives. The company that originally did that under
contract for Heathrow fell on hard times, and so Steve [Lake] and Evie
Autonomous Group acquired all the assets. Since then, they have been working
with other airports and other facilities…”
Davis explained how Evie’s existing
technologies dovetails nicely with the Apollo system, and how the latter can be
used as a further enhancement.
“What we found fascinating about Evie
Autonomous is that they already had some interesting patent pending RF (radio
frequency) based radar technology around their cars,” he said. “They’re able to
measure where their pods are down to a couple of millimeters, which is very
precise. The reason we were interested in talking about Apollo with GBT, is
that Apollo kind of wraps around what Evie Autonomous already has. So, imagine
a shuttle going from point A to point B. The shuttle is currently able to see
everything around it safely and maneuver, avoid obstacles etc… What Apollo
gives it is several dimensions above and beyond that. First of all, Apollo can
map the route – so that the computer doesn’t have to check in real time. Secondly
there’s some features that allow for facial recognition… These technologies
will play, not only in the airport pod scenario, but into markets like shipping
ports, security, warehousing, healthcare. So we’re very excited about Evie
Autonomous, and we’re very excited about the additional technology that Apollo
can bring to it.”
Danny Rittman, CTO of GBT Technologies
Inc., joined Davis for the recent Investorideas.com interview, wherein he
highlighted Apollo’s breadth of AI technologies that set it apart from
competitors.
“We believe the main advantage [of the
Apollo system] is that we’re not only using one type of AI, but we actually
involve a few types of AI algorithms, methodologies, and techniques
encompassing both supervised and unsupervised learning,” Rittman said. “We use
unsupervised learning to gather data, arrange it and make it more readable for
the supervised learning to do the analysis. So this combination of a few
concepts of AI for the Apollo system make it very unique.”
According to a report published by market.us, the global
Autonomous Vehicles market is projected to grow from $147.5 billion USD in
2022, to $4.2 trillion by 2032, registering a compound annual growth rate
(CAGR) of 41 percent in the forecast period. The report cites factors such as
heavy government investment, improved safety and security features, lower fuel
consumption, and enhanced navigation abilities as key market drivers.
The Patent Purchase Agreement with Bannix
is a significant development for GBT, and is in line with its business strategy
of building an IP portfolio and selling to other companies. In an interview
with Investorideas.com from earlier this year, GBT’s CEO Mansour Khatib articulated the company’s
business strategy:
“We
want to continue growing our IP portfolio in different areas, and eventually we
want larger companies to take interest in some of the portfolio. Then, we’d
license or sell the technology to them and, with that, create an income stream
which we can leverage and make money with. My whole argument about the change
in focus to IP was that, because we’re good at building IP, we’re building
value much faster for the shareholders and the company than if we had just
concentrated on building a little gadget or something and getting into sales
etc… I know it’s tough, but now that we’ve made this deal it proves the concept
that there are actually companies out there interested in our technology.”
The purchase price for the Apollo system is
$42.5 million, which will be paid in shares of BNIX Series A Preferred Stock.
Rittman described the importance of the agreement in GBT’s overall strategy.
“We were very glad to join with Evie Autonomous
because our technology was tailored particularly for autonomous vehicles,” he
said. “This is a great opportunity for us, and we believe that we can bring a
very high added value to the Evie system – make it more accurate, safe,
and effective.”
For
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