By Faith Ashmore, Benzinga
For many decades, people have been imagining how robots would fit into the future. Whether it was Sonny from Isaac Asimovs I, Robot, the equally awe-inspiring and terror-inducing Terminator, or everyones favorite Wall-E, robots have been a part of pop culture for decades. Well, now robots are no longer a thing solely reserved for Hollywood. And better yet, they are helping keep the streets safe without the risk of going rogue. The future is now.
In an ever-evolving world, public safety is in need of an upgrade. AI and robotics are part of the solution to create safer public spaces while decreasing human error that can come from human police officers. Knightscope (NASDAQ: KSCP) is a technology company ushering in the dawn of Autonomous Security Robots (ASRs) and working hard to protect U.S. citizens from crime across the country. The company has over a decade of experience and has shown its solutions to be effective. For example, when one of its units was deployed in Huntington Park, Los Angeles County, there were 46% fewer crime reports overall and they have recently renewed the contract for the 5th year in a row. Knightscopes success has garnered national attention, and the company has won corporate contracts with major corporations such as PENN Entertainment (NASDAQ: PENN), PG&E (NYSE: PCG), ABM (NYSE: ABM) and Lowe's (NYSE: LOW)
The companys robots are designed to enhance safety and security in various environments, such as corporate campuses, shopping malls and hospitals. Knightscope robots operate autonomously, meaning they can navigate and patrol areas without human intervention. They utilize a combination of sensors, cameras and artificial intelligence algorithms to detect and analyze their surroundings in real time. The robots are equipped with 360-degree cameras, thermal imaging sensors, and license plate recognition capabilities to capture and analyze visual data. They can also detect signals from Wi-Fi and Bluetooth devices, helping to identify potential security threats.
The data collected by the Knightscope robots is sent to a central command center through a secure wireless network. The command center operators can monitor the robot's feed, receive alerts for suspicious activity, and control the robot's movements remotely when necessary. The robots were also designed with a large physical presence to serve as a deterrent, as their presence often helps to discourage criminal activity.
Knightscopes influence and reach seem to be on the rise. Just in 2023, the company has made more than 50 announcements including numerous contracts and reports it is on track to double its revenue versus 2022. These contracts further validate the growing demand for Knightscope's robotic solutions as they continue to work through a nearly $5 million backlog of new orders.. The company is also joining the NYPD and MTA in New York City. Their robots will operate within the subway system during the late-night hours of 12:00 a.m. to 6:00 a.m. The K5 robots maintain a balance of effectiveness and approachability, being both engaging and respectful of privacy. Better yet, they were designed to be photogenic, and NYC tourists are sure to get a kick out of the recent development. This deployment signifies the continued expansion of Knightscope's robots to support policing efforts throughout the United States with the largest city in the country with the largest police department in the country taking the lead
Another notable development is the launch of their School Safety Grant Program. This initiative enables individuals to contribute to creating safer learning environments in K-12 schools. By pooling together non-deductible donations, the program aims to partially subsidize schools facing budget constraints, preventing them from implementing Knightscope's advanced security technologies. This endeavor is a powerful way to protect children, faculty, and administrators within educational institutions.
The company is currently offering an investment opportunity for interested parties to buy bonds.
Over recent years, there has been an increase in the development of robotic technologies for everyday life activities. Positive attitudes towards robots are increasing, and while there are mixed views globally, there is an overall recognition of the potential benefits and positive impact of robot use in society. The demand for robots is only poised to grow. In 2021. The robotics market was valued at $31.38 billion in 2021 and is expected to reach $110.39 by 2030 with a CAGR of 15% from 2022-2030. Knightscope seems well-positioned to capitalize on this growth and be a potential leader in the U.S. market.
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