Intermap Adds Two Patents to Innovative Portfolio

Rhea-AI Summary

Intermap Technologies (OTCQX: ITMSF) has announced the award of two new patents that enhance its flood risk assessment and terrain modeling capabilities. The first patent utilizes machine learning to accurately measure the first floor height of buildings, improving flood risk assessments. The second patent allows for the creation of bare-earth digital terrain models using airborne radar, particularly in dense forests. These innovations aim to bolster Intermap's market share in the U.S. and Europe, particularly in flood insurance and governmental mapping projects in tropical regions. CEO Patrick A. Blott emphasizes the company's commitment to innovation and competitive advantage.

Positive

• Awarding of two patents enhances flood risk assessment capabilities.
• Machine learning innovations improve accuracy of flood risk measurements.
• New patents support growth in U.S. and European flood insurance markets.
• Unique terrain modeling technology aids governmental mapping projects in tropical areas.

Negative

• None.

Machine learning technique drives patented processing for flood risk assessment

Enhancing competitive advantage in mapping tropical areas with patented capability

Expanding its portfolio of intellectual property and innovative AI/ML solutions

DENVER, March 08, 2023 (GLOBE NEWSWIRE) -- Intermap Technologies (TSX: IMP; OTCQX: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced the award of two patents, expanding its portfolio of intellectual property and innovative AI/ML solutions.

One patent covers machine learning techniques that automatically measure a building’s first floor height above ground level. This measurement improves the accuracy of Intermap’s flood risk assessment capabilities to grow its market share of the U.S. and European flood insurance markets. The technology uses machine learning to inspect building frontage imagery and detect the first floor based on building features, then algorithmically measures the distance to the ground. The first-floor height above ground is a key measurement when determining the flood risk of a specific property. Intermap’s flood risk assessment solution provides property-specific flood risk information whereas other flood risk indicators are based on flood zones.

The second patent relates to producing bare-earth digital terrain models (DTM) under dense forest using airborne foliage penetrating P-band radar. This capability gives Intermap the unique capability to detect the ground through dense foliage and adjust the models of the ground below the canopy. Intermap is developing AI/ML-driven inputs to this patented process, such as automatic target detection, to enhance its terrain models. Accurate DTMs are critical for the creation of countrywide topographic basemaps used for policy formation, natural resource management, disaster management and land use planning. Ground detection through dense foliage cannot be achieved with LiDAR, IFSAR or optical photogrammetry techniques. Intermap’s patented radar and processing technology will be invaluable in supporting upcoming governmental mapping projects in tropical areas such as Southeast Asia.

“Intermap continues to expand its portfolio of IP and innovative solutions,” said Patrick A. Blott, Intermap Chairman and CEO. “We pride ourselves on never being satisfied with current technology and remain at the forefront of geospatial analytics and capabilities. We incorporate AI/ML processing to develop new techniques and enhance existing processes. These new patents give us a competitive edge on upcoming national mapping projects and help the insurance industry protect clients from natural catastrophes.”

Learn more about Intermap’s products and services at intermap.com.

Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast", “will be”, “will consider”, “intends” and similar expressions are intended to identify such forward-3looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap’s Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

About Intermap Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQX: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. 

For more information, please visit www.intermap.com or contact:
Jennifer Bakken
Executive Vice President and CFO
CFO@intermap.com
+1 (303) 708-0955

FAQ

What are the new patents awarded to Intermap Technologies related to ITMSF?

The new patents involve machine learning techniques for flood risk assessment and producing digital terrain models under dense foliage.

How does Intermap's new technology impact flood risk assessment?

The new technology improves the accuracy of measuring a building's first floor height, crucial for better flood risk evaluations.

What market does Intermap Technologies aim to enhance with its new patents?

Intermap aims to expand its market share in the U.S. and European flood insurance markets.

What unique feature does Intermap offer with its terrain modeling technology?

Intermap's technology can penetrate dense foliage to create accurate ground models, which traditional methods cannot achieve.

When was the press release about Intermap's patents published?

The press release was published on March 8, 2023.