Australian-based smart safety, action, and sport cycling company Cycliq Group (ASX:CYQ), has signed a 10-year license agreement with BeEmotion to integrate AI technology into its range of Fly cameras and edge devices.
Cycliq manufactures and markets the world-first, all-in-one light and camera safety system, including the Fly6 Gen3, Fly6 Pro, and Fly12 Sport.
BeEmotion is an expert in the human behavioural AI on the extreme edge and has developed cutting-edge object detection and visual recognition technologies.
With over 10 years of experience in manufacturing image sensor-based devices, Cycliq products have captured and processed millions of hours of video across the globe.
As the leader in bicycle safety technology, Cycliq's partnership with BeEmotion provides an accelerated plan to execute on device edge-computation, object detection, and real-time interpretation of road threats.
Cycliq is planning to deploy the BeEmotion technology in a range of new and existing software and hardware products for its customers.
Cycliq is also proposing to conduct a capital raising via a placement to raise a targeted amount of $352,000.
Funds raised by the Placement will be applied to the payments owed to BeEmotion under the licence agreement, development costs for CYQ’s applications, and working capital.
“We are excited to leverage the proven power of BeEmotion to rapidly advance the capabilities of our Fly and edge devices. We believe that the recent developments in the world of AI offers a myriad of opportunities and the need for integration and development offers potential to CYQ and our shareholders,” Cycliq Chairman, Andrew Chapman, said.