Martin Cronin, the CEO of Patriot One, took time out of his busy schedule at the World Gaming Protection Conference to touch base with Tailwinds for an update on the Company. While timing of 1st sales still remains a few months out, we got a lot of clarity around the progress being made by Patriot One and learned about more of the magnitude of opportunity in front of the Company.
The Conference is the premier event for anyone focused on security in the casino industry, which just happens to be where Patriot One’s first equipment has been installed. Their facility at Westgate serves not only as a real world “showroom”, but is where the Company is focusing their efforts in gathering data and refining their Artificial Intelligence algorithms.
According to Cronin, the installation at Westgate is going very well. He refers to what the company is doing as stage 3 of a 4 stage process. Here’s the process…
- University, where the product was conceptualized and initially developed.
- Laboratory, where the hardware was designed and tested, and the AI created.
- Real World, where algorithms are refined and the hardware implementation is tweaked.
- Full Commercial Rollout, no explanation needed.
Martin says that the Company is, “well into stage 3.” Which means that they should be keeping to their original timeframe of a product launch in the summer.
Meanwhile, other activity is percolating. The Company is planning two more trial installations, similar to Westgate. These are going to be at a University in the US and at a public school facility. While the locations haven’t been revealed, they have been agreed to by all parties and we can expect to learn more about this soon enough.
In light of the tragic events in Florida, we can only hope that these efforts are accelerated by authorities. The market opportunity is huge for Patriot, but, more importantly, the security of our children is truly lacking and we need a solution.
This will be more than evident at ISC West, which is in early April. Expect systems like PATSCAN to be highlighted at this event, attracting even more attention to the Company.
The Company is also setting up a demo center in the UK. They are receiving inquiries from all over the world and this is a great way to handle a lot of them. In particular, Martin mentioned the middle east (not the first time he’s done so) as an area expressing great interest in PATSCAN. These efforts in the UK were kicked off at the recent Security and Counter Terror Expo where the company was very well received.
And, all this is good, but the other big catalysts, while we wait for sales, is partnerships. The systems integrators are all still in play and, according to Cronin, we should expect to see some partnerships prior to sales starting. Which would mean that Q2 is a very likely time for this to happen and that’s sneaking up on us quickly.
Overall, the tone of the conversation was very positive. Cronin is happy with the progress to date on the hardware and software. The market opportunity just grows and the pipeline is bigger than ever. Partnerships are coming and the product will be going live sometime in the summer. All’s good with Patriot One.
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