ePAT Technologies (ASX:EPT) has signed an agreement with Swiss-based nViso for a perpetual, exclusive, global license to use nViso Artificial Intelligence (AI) technology for pain assessment in healthcare.
ePAT’s shares closed 23.5% higher on Monday, at $0.042.
The new partnership is aimed at accelerating the development and commercialisation of AI in innovative mobile applications.
ePAT’s technology uses smartphones to capture a brief video of the person, which is analysed using facial recognition software to detect the presence of pain.
This data is then combined with other indicators of pain, such as vocalisations, behaviours and movements captured through the ePAT app to calculate a pain severity score.
nViso has been a key partner of ePAT, assisting the company with the prototype app development.
They have collaborated over the past three years under a non-exclusive 5-year license to develop a specific Pain Assessment Software Development Kit (SDK).
The prototype app has successfully been trialled for people with dementia in Australia and a beta version IOS App has been completed for market introduction in the fourth quarter 2017.
ePAT’s payment to nViso will be 31.25 mln ePAT shares and $392,500 cash, aligning the parties to commercialisation success.
The benefit to ePAT includes moving to an exclusive, perpetual relationship with nViso for the pain assessment SDK and it removes the need to pay any future royalties to nViso on sales.
The ePAT app will be rolled out globally in two phases: first, the ePAT app for dementia and the second, the ePAT app for children who have not yet learnt to speak.