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Tekcapital acquires patent for technology that controls cars, trucks and drones using artificial intelligence

The company says the technology may one day be used to develop an app that will dispatch vehicles to find parking spots and then retrieve them again

inside an autonomous car
The autonomous car is a thing of the very near future-some features are already automated

Tekcapital PLC (LON:TEK) has licensed a patent developed by the Florida Agricultural and Mechanical University that could be the backbone of software for autonomously controlling cars, trucks and drones using artificial intelligence.

The company, which is wrapping the intellectual property into its Guident business, says the technology may one day be used to develop an app that will dispatch vehicles to find parking spots and then retrieve them again.

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Ford chief executive Jim Hackett spoke recently of solving that exact problem.

Time wasted parking 

"You waste more time trying to find a parking place than you do being stuck in traffic," he said.

"That's because you're trying to match the open parking place with where the car needs to go. We have a dream where they can actually tell each other that. The car and the parking spot are talking to each other. They find each other."

The autonomous vehicles market is forecast to grow at a compound annual rate of almost 40% in the next 10 years and is expected to be worth US$127bn by 2027.

Tekcapital boss excited

No financial details of the Tekcapital patent deal were given.

The company’s chairman, Clifford Gross, said; "We are excited that Guident has acquired the exclusive rights to this novel IP aimed at improving the utility of autonomous vehicles.

“Their goal is to commercialise the technology, develop a family of apps and provide them to leading autonomous vehicle and drone manufacturers and their customers."

Quick facts: Tekcapital PLC

Price: 5.8301 GBX

LSE:TEK
Market: LSE
Market Cap: £3.72 m
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