Cycliq (ASX: CYQ) has entered into a 10-year licence agreement with BeEmotion, formerly NVISO Group, to integrate AI technology into its Fly cameras and edge devices.
Cycliq is an Australian company that manufactures innovative cycling safety products, including the Fly6 and Fly12 cameras, with a global presence and over 200k products shipped.
Founded in 2009, BeEmotion specialises in AI solutions for human behaviour and emotion detection. Their technology is used in various applications, including customer service automation and enhancing human-machine interactions.
The integration of BeEmotion’s AI technology will be applied to both new and existing Cycliq products, including improvements in real-time vehicle detection, object recognition, and edge-computation capabilities. This strategic move is expected to advance Cycliq’s technology and provide enhanced safety features for cyclists.
Cycliq plans to raise $352k through the Placement of up to 88 million shares at $0.004 per share. The funds from this capital raise will be utilised for payments to BeEmotion, development costs for Cycliq’s applications, and working capital.
The integration will enhance real-time vehicle data extraction and incident mapping, leading to improved data quality and searchability for users and public sector bodies. As part of these upgrades, the Fly6 Pro will be equipped with advanced capabilities, including real-time vehicle detection and threat assessment, effectively combining multiple safety functions into a single device.
Additionally, the Cycliq Plus desktop application will benefit from the incorporation of BeEmotion’s AI technology, adding features like facial recognition and emotion detection to elevate post-ride video editing and analysis.
BeEmotion’s technology will enable automatic live event detection, recording, and metric reporting, offering real-time threat level detection and data extraction.
For the quarter ended 30 June 2024, CYQ reported $1.4 million in cash receipts, representing a 46% increase over the March quarter. This resulted in a $316k positive operating cash flow, reducing the 12-month YTD operating cash outflow to $292k. As of 30 June 2024, the Company had $1.2 million of cash on hand.
Sidra is a Business Writer with The Sentiment
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