Israeli-based Rail Vision Ltd. (NASDAQ: RVSN) reported its shares jump in the early going on Monday. The company, seeking to revolutionize railway safety and the data-related market, today announced it received notice of allowance from the United States Patent and Trademark Office (USPTO) for its patent titled, “system and method for built-in test for optical sensors.”
“By strengthening our IP portfolio with this latest patent allowance, we are now in a great position to accelerate the rollout of our game-changing technology into the massive US market,” commented Rail Vision CEO Shahar Hania. “The U.S. has seen more than 10,525 railroad crossing incidents in the last five years, resulting in nearly 1,300 deaths, including Five tragically lost just weeks ago when an Amtrak train collided with a dump truck in rural Missouri in late June.
“It’s this very type of accident that our technology is designed to prevent, and our team is fully dedicated to making this evolution in train safety a reality.”
The new patent allowance covers the Company’s industry-leading, cutting-edge, artificial intelligence-based technology, specifically designed for railways, and its ability to perform built-in, real-time tests of the optical sensor.
The system can detect a reduction in optical quality and determine issues with “external optical disturbances” and/or failure of the optical sensors, by that increase the trust of operators to rely on technology.
RVSN spiked six cents, or 6.2%, to 95 cents.
