Palladyne AI (PDYN) stock is jumping for a second straight day, advancing 8.5% this morning. The company has developed software, known as Pilot AI, that enables drones to operate autonomously.
PDYN Discloses New Achievement
The tech firm announced this morning that, for the first time, Pilot AI had enabled multiple drones to “autonomously collaborate and share multi-modal sensor information.” PDYN noted that it had reached the milestone in partnership with drone technology firm Red Cat (RCAT).
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“We believe the force multiplier effect resulting from the autonomous collaboration capability of multiple drones will provide a substantial tactical advantage to the warfighter in the field.”Matt Vogt, PDYN’s Chief Revenue Officer said in a statement.
The company expects to begin marketing Pilot AI during the current quarter.
Palladyne Reports a New Deal With the Air Force
On Monday, PDYN noted that the Air Force Research Laboratory had provided the firm with a new contract. Under the deal, PDYN will add advanced “AI computing chipsets” to Pilot AI. The undertaking will be carried out for 26 months, starting in “early 2025,” Palladyne reported.
The Recent Price Action of PDYN Stock
In the last month, the shares have surged 176%, and they have jumped 340% in the previous three months.
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This article is originally published at Insider Monkey.
