Pooled development fund Strategic Elements (ASX: SOR) has launched an artificial intelligence and robotics company designed to custom-build its own systems and collaborate with commercial and government partners on AI business cases.
Known as Stealth Technologies Pty Ltd, the company will focus on applying AI and machine learning to platforms, systems and processes to unlock new value, enabling industries to “re-imagine what is possible”.
It will be tasked with developing its own technologies and working in partnership with Australian organisations and talent to invent and commercialise intellectual property with high-value potential.
Examples include building automated robotic machines, integrating vision tools such as cameras and sensors into computer technologies, and creating AI through machine learning and software development.
Stealth will employ a team of international and award-winning research engineers with experience in all areas of AI technology and will be assisted by Strategic Elements personnel with commercial expertise in complex data analytics and software development for large multinationals.
The Stealth team has commenced working with leading research institutes and experts to develop proprietary technologies and deliver innovative solutions based on AI technologies.
The Stealth Technologies business model also includes the development of solutions in collaboration with commercial and government partners for their unique business needs.
The company has commenced discussions with potential partners and expects to release further information on commercial engagements later this year.
“In anticipation of near term events, we have expanded Stealth’s engineering, operations and business development team,” said Strategic Elements managing director Charles Murphy.
“The team has been working extremely hard to finalise some existing opportunities and we look forward to unveiling the innovative technology that [they have] been working on.”
Mr Murphy believes Stealth has been positioned “higher up the valuation ladder” than other companies in the sector due to its dual capabilities in hardware and software development.
“Many new AI firms are being established with a software-only mindset but Stealth is pioneering a comprehensive approach by bringing together hardware and software engineering,” he said.
Strategic Elements is registered with the federal government as a pooled development fund and has a mandate to back Australian innovation.
The listed company operates as a ‘venture builder’ generating projects by combining teams of leading scientists or innovators in the technology and resources sectors.
Global growth in visual data will be exponential over the next five years, with industry research predicting a proliferation of cameras integrated into products across industries and markets.
According to a report by US venture capital firm LDV Capital, by 2022 there will be more than 44 billion cameras in use globally, “almost exclusively for the accommodation of artificial intelligence applications”.
“Cameras are no longer just for memories – they are becoming fundamental to improving business and society … most of the pictures captured will never be seen by a human eye,” the report said.
Around the world, computer vision has become critical to the mining industry, where it assists in automating manual processes.
For example, onboard cameras can be placed on loaders to track variables such as loading time, hauling time, dumping time and travelling empty time.
In manufacturing, businesses use computer vision to identify product defects in real time, while in the medical field, computer vision systems are employed to examine imagery from MRIs, CAT scans and Xrays to detect abnormalities as accurately as human doctors.
Mr Murphy said the Stealth team has “deep experience” leveraging computer vision with AI to interpret a scene to determine the required response across a variety of industries.
“Our team are skilled in integrating multiple sensors with hardware to collect and analyse the data required to allow automation of processes,” he said.
At midday, shares in Strategic Elements were trading 29.55% higher at $0.057.