The AI Eye Podcast - GBT's CTO (OTC: GTCH) and Bannix CEO (NASDAQ: BNIX) discuss Autonomous Vehicles and $42.5 Million Apollo IP system Patent Purchase
Also discuss Apollo IP system implementation with Evie Autonomous
Vancouver, Kelowna, Delta, BC - August 23, 2023 (Investorideas.com Newswire) 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).
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The AI Eye Podcast - GBT's CTO (OTC: GTCH) and Bannix CEO (NASDAQ: BNIX) discuss Autonomous Vehicles and $42.5 Million Patent Purchase for Apollo IP system
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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."
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