MIAMI - Wrap Technologies, Inc. (NASDAQ:WRAP), a provider of advanced public safety solutions, today announced the launch of its artificial intelligence suite, WrapAI™, designed to enhance operations for police departments and private security firms globally. The new product suite is an addition to the company's Wrap Intrensic Body-Worn Camera (BWC) and Digital Evidence Management System (DEMS), aiming to streamline the categorization and analysis of video evidence.
The central feature of WrapAI™ is AI Auto-Tagging, which uses machine-learning algorithms to automatically identify and label objects, activities, and individuals in video content. This tool is expected to reduce the time and resources needed for manual video tagging and analysis, while also ensuring compliance with evidence retention policies.
WrapAI™ also includes AI video redaction to protect privacy within recorded footage, automated transcription of voice-captured video to text, and AI-assisted contextual content search to swiftly locate specific incidents within video databases. These features are intended to improve transparency, officer safety, and community trust, according to Wrap Technologies.
Existing Wrap Intrensic customers can access the new functionalities through a software update, without additional setup. Scot Cohen, CEO of Wrap Technologies, expressed enthusiasm about the launch, stating that WrapAI™ represents a significant advancement in law enforcement technology.
Wrap Technologies is known for its BolaWrap® remote restraint device, Wrap Reality™ virtual reality training system, and Intrensic solution for evidence management. The company emphasizes its commitment to developing solutions that foster safer community interactions and strengthen public safety agency relationships.
The introduction of the WrapAI™ suite is based on a press release statement from Wrap Technologies, Inc., and is part of the company's ongoing efforts to integrate cutting-edge technology into public safety operations.
InvestingPro Insights
In light of Wrap Technologies' recent announcement of its new AI suite, WrapAI™, investors may be keen to understand how the company’s financials stack up. According to InvestingPro data, Wrap Technologies holds a market capitalization of $99.92 million, which can be considered modest in the tech industry. The firm's revenue growth has been robust, with a 32.06% increase over the last twelve months as of Q3 2023, which may reflect an expanding market interest in their public safety solutions. Additionally, the company has seen an impressive quarterly revenue growth of 113.46% in Q3 2023, potentially signaling a strong market reception to its innovative products like the BolaWrap® and Intrensic systems.
However, it's not all positive news, as the company is not profitable over the last twelve months, with an operating income margin of -172.59%. This suggests that despite increasing revenues, Wrap Technologies is facing challenges in managing its expenses or cost structure effectively. This is further supported by an InvestingPro Tip indicating that the company is quickly burning through cash, which could be a concern for potential investors.
For those looking to dive deeper into the financial health and stock performance of Wrap Technologies, InvestingPro offers additional insights. Currently, there are 13 more InvestingPro Tips available for WRAP, providing a comprehensive analysis for those considering an investment. Interested readers can explore these tips at InvestingPro's dedicated page for Wrap Technologies: https://www.investing.com/pro/WRAP. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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