Partnership Broadened to Encompass Joint Sales
and Marketing
Palladyne AI Congratulates Red Cat on U.S.
Army’s Short Range Reconnaissance Program of Record Award
Palladyne AI Corp. (NASDAQ: PDYN and PDYNW) (“Palladyne AI”), a
developer of artificial intelligence software for robotic platforms
in the commercial and defense sectors, today announced an expanded
partnership with Red Cat Holdings, Inc. (NASDAQ: RCAT) (“Red Cat”)
and its Teal Drones subsidiary (“Teal”), a drone technology company
integrating robotic hardware and software for military, government,
and commercial operations. The broadened relationship includes
joint go-to-market activities to be coordinated between the
companies.
In early October, Palladyne AI and Red Cat announced that they
had partnered to embed Palladyne AI’s artificial intelligence
software into Teal drones, including those already in the field, to
enable autonomous operation and expand drone system capabilities to
facilitate the creation of a network of collaborating drones and
sensors that self-orchestrate to provide superior intelligence,
surveillance, and reconnaissance capabilities. Palladyne AI and
Teal’s expanded partnership will include joint sales and marketing
for Palladyne AI’s artificial intelligence software on Teal drones.
Palladyne Pilot is expected to be available on all Teal drones and
will be included in new drones shipped to customers who desire the
features and functionality provided by the platform.
Red Cat recently announced it was selected as the winner of the
U.S. Army’s Short Range Reconnaissance (SRR) Program of Record
after a rigorous test and evaluation process for its Teal next
generation sUAS, designated as the Black Widow and WEB. The testing
and evaluation were completed by the Army Project Management Office
for Uncrewed Aircraft Systems, Army Maneuver Battle Lab, and Army
Test and Evaluation Command, and the award was based on soldier
feedback, technical performance, volume manufacturability, and
system cost. The production contract anticipates deliveries
beginning in 2025. Palladyne Pilot is expected to be available for
all sUAS systems delivered to the Army.
“We are extremely proud to be working with Teal on integrating
our Palladyne Pilot artificial intelligence software into Teal’s
drones and look forward to this expanded relationship to help
deliver a best-in-class experience for their defense, public
safety, and commercial customers,” said Ben Wolff, CEO, Palladyne
AI. “Furthermore, we congratulate them on their selection as the
winner of the U.S. Army’s SRR Program of Record. This contract is
extremely well-deserved as Teal sUAS systems exhibit superior
capabilities across the board and particularly for complex military
operations.”
For more information about Palladyne AI, please visit
www.palladyneai.com or connect with us on LinkedIn at
www.linkedin.com/company/palladyneaicorp. For more information
about Red Cat and its Teal drone program, please visit
https://redcat.red.
About Palladyne AI Corp.
Palladyne AI Corp. (NASDAQ: PDYN) has developed an advanced
artificial intelligence (AI) and machine learning (ML) software
platform poised to revolutionize the capabilities of robots,
enabling them to observe, learn, reason, and act in a manner akin
to human intelligence. Our AI and ML software platform empowers
robots to perceive variations or changes in the real-world
environment, enabling them to autonomously maneuver and manipulate
objects accurately in response.
The Palladyne AI software solution operates on the edge and
dramatically reduces the significant effort required to program and
deploy robots enabling industrial robots and collaborative robots
(cobots) to quickly achieve autonomous capabilities even in dynamic
and or complex environments. Designed to achieve precise results
with minimal training time, limited data sets, and lower power
requirements, compared to current solutions, Palladyne AI believes
its software has wide application, including in industries such as
automotive, aviation, construction, defense, general manufacturing,
infrastructure inspection, logistics and warehousing. Its
applicability extends beyond traditional robotics to include
Unmanned Aerial Vehicles (UAVs), Unmanned Ground Vehicles (UGVs),
and Remotely Operated Vehicles (ROVs). Palladyne AI’s approach is
expected to elevate the return on investment associated with a
diverse range of machines that are fixed, fly, float, or roll.
By enabling autonomy, reducing programming complexity, and
enhancing efficiency, we are paving the way for a future where
machines can excel in tasks that were once considered beyond their
reach.
For more information, please visit www.palladyneai.com and
connect with us on LinkedIn at
www.linkedin.com/company/palladyneaicorp.
About Red Cat, Inc.
Red Cat (Nasdaq: RCAT) is a drone technology company integrating
robotic hardware and software for military, government, and
commercial operations. Through two wholly owned subsidiaries, Teal
Drones and Flightwave Aerospace, Red Cat has developed a
bleeding-edge Family of ISR and Precision Strike Systems including
the Teal 2, a small unmanned system offering the highest-resolution
thermal imaging in its class, the Edge 130 Blue Tricopter for
extended endurance and range, and FANG™, the industry's first line
of NDAA compliant FPV drones optimized for military operations with
precision strike capabilities. Learn more at www.redcat.red.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding future collaboration and joint
marketing and go-to-market activities between Palladyne AI and Red
Cat, future availability of Palladyne Pilot for Army systems, the
results of the collaboration between Red Cat and Palladyne AI,
capabilities or future capabilities of Palladyne AI’s software
platform in particular its compatibility with Teal drones, the
benefits of Palladyne AI’s software platform when used with Teal
drones, the industries that could benefit from Palladyne AI’s
software platform and the applicability of Palladyne AI’s software
platform to different kinds of machines (such as UAVs, UGVs and
ROVs) including Teal’s drones. Forward-looking statements are
inherently subject to risks, uncertainties, and assumptions.
Generally, statements that are not historical facts, including
statements concerning possible or assumed future actions, business
strategies, events, or results of operations, are forward-looking
statements. These statements may be preceded by, followed by, or
include the words “believes,” “estimates,” “expects,” “projects,”
“forecasts,” “may,” “will,” “should,” “seeks,” “plans,”
“scheduled,” “anticipates,” “intends” or “continue” or similar
expressions. Such forward-looking statements involve risks and
uncertainties that may cause actual events, results, or performance
to differ materially from those indicated by such statements. These
forward-looking statements are based on Palladyne AI’s management’s
current expectations and beliefs, as well as a number of
assumptions concerning future events. However, there can be no
assurance that the events, results, or trends identified in these
forward-looking statements will occur or be achieved.
Forward-looking statements speak only as of the date they are made,
and Palladyne AI is not under any obligation and expressly
disclaims any obligation, to update, alter or otherwise revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except as required by law.
Readers should carefully review the statements set forth in the
reports which Palladyne AI has filed or will file from time to time
with the Securities and Exchange Commission (the “SEC”), in
particular the risks and uncertainties set forth in the sections of
those reports entitled “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements,” for a description of risks
facing Palladyne AI and that could cause actual events, results or
performance to differ from those indicated in the forward-looking
statements contained herein. The documents filed by Palladyne AI
with the SEC may be obtained free of charge at the SEC’s website at
www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20241120666119/en/
Palladyne AI Corp PR and Investor Contacts:
Press Contact: PR@palladyneai.com
Investor Contact: IR@palladyneai.com
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