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(Sharecast News) - Transport analytics group Cordel provided a progress update on the development of its Positive Train Control system for railroads in North America on Wednesday, stating it has achieved Multimodal AI capabilities on its 'Cordel Asset Extraction' system - a rail industry first.
"We have reached an important milestone on the CASE system which employs multimodal Artificial Intelligence," said chief technology officer Aaron Hoye. "This is a genuinely new way to automate asset extraction, utilizing techniques previously only used in autonomous driving and robotics. Receiving current PTC data covering the majority of the US rail network will enable model training for engineering-grade accuracy of asset recognition and location."
The AIM-listed group also said it has secured agreements with two of the six North American Class 1 Railroads, and was in late-stage negotiations with two others, to share their existing PTC datasets to support the training and validation of the AI models.
Chief executive John Davis said: "This engagement gives us confidence with the market fit for CASE and our core growth strategy, with its twin pillars of rail corridor data analysis and asset extraction to support Positive Train Control. Every global rail company needs to understand where their key assets are and how the associated asset registers change over time; using Multimodal AI to deliver and maintain this asset registry is a global industry opportunity for Cordel."
Cordel stated these were "vital steps" towards the PTC product launch anticipated in July this year.
As of 1030 BST, Cordel shares were untraded at 6.20p.
Reporting by Iain Gilbert at Sharecast.com
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