Deepspatial Inc. (CSE:DSAI) revealed that it has filed a US patent for its artificial intelligence-driven crop yield prediction technology.
The Toronto-based company said that it had filed Patent Application #63307982 entitled "System and Method for Classification of Crops Using Multi-Class Machine Learning Techniques."
Deepspatial has created novel artificial intelligence-driven technology that solves several obstacles in agricultural practices such as crop yield prediction, crop rotation, crop selection, and other crop management activities that will result in a greater crop yield and maximize crop utilization for farmers.
The company's recently filed patent speaks to an artificial intelligence-driven platform that allows farmers, stakeholders, and decision-makers to predict the crop yield for any given land and the type of crop that would thrive most to ensure maximum efficiency with every yield and season. The result not only allows farmers to capture the highest food yield for the world’s growing population but also directly impacts their bottom line, said the company.
"This novel technology that our team developed may prove to be promising for the entire agricultural industry and we are very eager and excited to make a positive impact in the field, on both private and government levels with our existing partners and their network,” Deepspatial CEO Dr. Rahul Kushwah said in a statement.
“At the same time, we are also committed to a strong patent portfolio that encompasses all areas and industry verticals Deepspatial is involved and innovates in," he added.
The world population is growing and is expected to reach between 8 and 10 billion by 2050. It is estimated that total food consumption will have to increase by 50-to-70% to keep pace with the rapid rise in population, according to reports. Traditional methods of agricultural farming are not equipped to handle the demand forecasted and the need for new methods and practices in agricultural management and technologies are becoming increasingly important.
The global agriculture technology-as-a-service market is projected to grow from $1.10 million in 2020 to $3.09 million by 2025, growing at a compound annual growth rate (CAGR) of 22.91% from 2020 to 2025. High growth in the market is expected to be driven by the growing need to adopt agriculture technologies across the industry.
Deepspatial is an outcome-based artificial intelligence company, enabling organizations to enhance their decision-making capabilities by leveraging the power of data and AI.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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