Deepspatial Inc. Files US Patent for Artificial Intelligence-driven Crop Yield Prediction Technology

Rhea-AI Summary

Deepspatial Inc. (CSE:DSAI)(OTCQB:DSAIF) has filed a US patent for its novel AI technology aimed at enhancing agricultural practices. The patent titled "System and Method for Classification of Crops Using Multi-Class Machine Learning Techniques" addresses crop yield prediction and management, essential for meeting the food demand of a projected global population of 8 to 10 billion by 2050. The global agriculture technology market is expected to grow significantly, projected at $3,089.8 million by 2025. Deepspatial aims to positively impact the agricultural sector with this innovative solution.

Positive

• Filed a US patent for crop yield prediction technology, which may enhance agricultural efficiency.
• Innovative AI-driven technology aims to solve key agricultural challenges and improve crop yield.
• The agriculture technology market is projected to grow significantly, indicating a favorable environment for Deepspatial's innovations.

Negative

• None.

TORONTO, ON / ACCESSWIRE / March 2, 2022 / Deepspatial Inc. (CSE:DSAI)(OTCQB:DSAIF) ("Deepspatial" or the "Company"), an outcome based artificial intelligence (AI) company, enabling organizations to enhance their decision making capabilities by leveraging the power of data and AI, today announced the filing of US patent entitled "System and Method for Classification of Crops Using Multi-Class Machine Learning Techniques" (Patent Application #63307982).

Deepspatial has created a 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 yield of crop 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 our ever-growing population, but will also directly impact their bottom line, ensuring they will continue to do unarguably valuable and challenging work.

World population is growing and is expected to reach between 8 and 10 billion by 2050. Increase in population creates more demand for food, and it is estimated that total food consumption will have to increase by 50-70%.¹ 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 $1,101.6 million in 2020 to $3,089.8 million by 2025, at a 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. ²

"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. 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." Said Dr. Rahul Kushwah, CEO of Deepspatial.

^{1 https://royalsocietypublishing.org/doi/10.1098/rstb.2010.0153}

^{2 https://www.globenewswire.com/fr/news-release/2021/04/29/2219478/28124/en/Global-Agriculture-Technology-as-a-Service-Market-Report-2021-2025-Focus-on-Service-Type-Technology-Yield-Mapping-Soil-Management-Pricing-Models-Break-Even-Analysis.html}

About Deepspatial Inc.

Deepspatial (CSE:DSAI)(OTCQB:DSAIF) is an outcome based artificial intelligence company, enabling organizations to enhance their decision-making capabilities by leveraging the power of data and AI. From finding the most efficient supply chain routes to knowing where to develop next, Deepspatial's AI-driven platform enables its clients to visualize what's going on, predict what's coming, analyze data, and optimize processes to make smarter decisions for a better future. For more information, visit www.Deepspatial.ai and follow us on Twitter, Instagram or LinkedIn.

Caution regarding Forward Looking Information:

THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company's securities have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons", as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to obtain intellectual property rights related to its technology; limited operating history; general business, economic, competitive, political, regulatory and social uncertainties, and in particular, uncertainties related to COVID-19;risks related to factors beyond the control of the company, including risks related to COVID-19; risks related to the Company's shares, including price volatility due to events that may or may not be within such party's control; reliance on management; and the emergency of additional competitors in the industry.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except required by law.

Contacts

For more information, please contact:
Investor Relations
Corey Matthews
Investors@deepspatial.ai

SOURCE: DeepSpatial Inc.

View source version on accesswire.com:
https://www.accesswire.com/690996/Deepspatial-Inc-Files-US-Patent-for-Artificial-Intelligence-driven-Crop-Yield-Prediction-Technology

FAQ

What is the purpose of Deepspatial's newly filed patent?

The patent aims to enhance agricultural practices through AI technology focused on crop yield prediction and management.

How will Deepspatial's technology impact farmers?

The technology will help farmers predict crop yields and select optimal crops, potentially maximizing efficiency and profitability.

What is the projected growth of the agriculture technology market?

The agriculture technology market is projected to grow from $1,101.6 million in 2020 to $3,089.8 million by 2025.

What is the significance of the population growth mentioned in the PR?

With the world population expected to reach 8 to 10 billion by 2050, food consumption needs to increase significantly, creating demand for innovative agricultural solutions.

What does Deepspatial aim to achieve with its technology?

Deepspatial aims to positively influence the agricultural industry by improving crop management practices and increasing yields through data-driven insights.