UK intellectual property investment group Tekcapital LON:TEK has announce a ground-breaking new project supported by the Space Florida-Israel Innovation Partnership program.
This initiative, which involves Guident, one of its portfolio companies. leverages advanced low-latency satellite services and artificial intelligence to enhance the safety, reliability, and efficiency of self-driving vehicles.
Tekcapital uses investment to help bootstrap new intellectual property coming out of the top research institutions and universities. It looks for companies with strong IP, patents, talented leadership teams and large and addressable markets.
Guident awarded grant money
This Space Florida-Israel Innovation grant will support the development and implementation of a leading-edge system architecture, leveraging non-geostationary satellite technology. This will dramatically improve autonomous vehicle communication by establishing a reliable and redundant connection with remote monitor and control centres, ensuring seamless vehicle operation in areas with limited terrestrial network coverage.
Scheduled to commence in early July 2024, this new project unites Space Florida, Guident’s expertise and resources, and its Israeli partner, Novelsat.
Each organization brings unique strengths that will synergistically contribute to pioneering safety solutions for ground-based autonomous vehicles through satellite communications.
Guident has developed and deployed remote monitoring and control software to improve the safety of autonomous vehicles and land-based delivery devices. Its software will incorporate artificial intelligence and advanced network technologies to minimise signal latency and improve the safety of autonomous vehicles.
Dr. Dennis Morgen, Guident’s Vice President for Product and Project Management explained further:
“At the heart of this project is our commitment to advancing teleoperation safety through rigorous research and testing. We aim to ensure the highest safety and performance standards for autonomous vehicles equipped with this pioneering communication system.”
The grant could play a significant role in developing an effective remote monitor and control solution with Space Florida’s support and strategic expertise. The project marks a significant milestone in Guident’s dedication to innovation in autonomous vehicles and monitoring solutions. With a talented team of researchers, engineers, and industry experts, Guident reckons it is poised to impact the future of AV transportation.
As at 31 December, Tekcapital owned 100% of Guident Ltd, and 91% of Guident Corp, its US subsidiary.
The investment rationale for Guident
Whilst autonomous vehicles are projected to be significantly safer than traditional vehicles, there will still be mishaps and in many instances there will be no vehicle operator present to help resolve these problems. Guident believes remote human interaction will be needed to address these mishaps.
Guident’s remote monitoring and control centre monitors vehicles and when necessary provide additional support such as calling first responders, taking over control of the vehicle to move it out of harm’s way and can provide real-time communication with passengers and pedestrians.
Novelsat is a leading provider of next-generation content connectivity solutions. It is powered by innovative technologies, broadcast and broadband solutions that are already transforming networks’ capabilities to expand growth potential and to drive new experiences on any device, anytime, anywhere.
Novelsat’s high-performance satellite and terrestrial content connectivity products include integrated video solutions, highly efficient broadband connectivity solutions, and best-in-industry content security solutions.
Shares in Tekcapital are up +18.4% on a YTD basis at time of writing, although still down more than 10% in the 12 month picture. Tekcapital stock is down 51% over three years.
The company reported a productive year for long-term value creation in 2023 following the successful listing of Microsalt [LON:SALT] post its year end. Portfolio companies are continuing to reach significant milestones although it continues to see some dents in performance created by unrealised reductions in end of period quoted valuations.
In its 2023 annual report Tekcapital reported net assets of USD47m and a portfolio valuation of USD41m. It registered a total loss after tax of USD15.7m.
