29 Jun 2020 07:00
29 June 2020
Maestrano Group PLC ("Maestrano" or the "Company" or the "Group")
Maestrano wins Innovate UK grant
Maestrano Group PLC (AIM: MNO), the machine learning platform for transport corridor asset monitoring, announces that it's wholly-owned subsidiary Corridor Technology Limited has been awarded a £50K grant under the Innovate UK "Business-led innovation in response to global disruption" competition.
The aim of this competition is to support UK registered businesses to focus on emerging or increasing needs of society and industries during and following the Covid-19 pandemic. By fast-tracking innovation, the UK will be better placed to maintain employment levels, a competitive position in global markets and make the UK more resilient to similar disruption.
The winning Corridor project is titled "Machine Learning to enable remote infrastructure inspection tools using new and existing imagery" and entails the development of a fully standardised imagery and video data review system to allow asset inspectors in road, rail and energy corridors to review remote condition monitoring data (RCM), output from Corridor's Machine Learning systems.
Nick Smith, Vice President Sales for Maestrano, said,
"This project will result in a new web-based review system which will simplify the presentation of results from our existing Machine Learning platform, enabling inspectors to do their work from any web-connected device and improve the accuracy and capacity of asset inspections."
Andrew Pearson, CEO of Maestrano, commented:
"Coming on the heels of our Network Rail/SBRI win, this project will further accelerate our product development for the UK and global rail network asset management industry. Although smaller in value, this grant will nevertheless result in a new and important capability for our platform. "
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
Maestrano Group plc
Andrew Pearson, CEO c/o Arden Partners
Grant Thornton (Nominated Adviser)
Colin Aaronson / Jamie Barklem / Niall McDonald +44 (0)20 7383 5100
Arden Partners (Broker)
Ruari McGirr / Ciaran Walsh +44 (0)20 7614 5900
About Maestrano
Maestrano offers a patented cloud-based platform for master data management and business analytics, together with specialist hardware and software for capturing, analysing and reporting on large datasets within the transport sector, employing sophisticated machine learning algorithms.
Further information on the Company is available at: www.maestrano.com