Shares of artificial intelligence platform company Maestrano Group (LON: MNO) are climbing on Wednesday after the company announced its first paid project in the US with Union Pacific Railroad, the second-largest Class 1 Railroad in the United States.
Maestrano, which uses artificial intelligence for transport corridor analytics, said the announcement is the first of several pilot projects to demonstrate both the efficient data capture process and rapid Artificial Intelligence analysis of the resulting digital “point clouds”.
The AIM-listed firm’s rail analytics subsidiary, Cordel Technology, entered the North American market in May 2020 to establish relationships and credibility with railroad companies and engineering service providers. So far, they have engaged with five of the seven Class 1 North American railroads.
“The USA market represents over 38% of global expenditure on rail asset management,” said Nick Smith, CEO of Maestrano.
“It has been a core focus for Cordel over the past year and we have moved from the proving to the early revenue stage. Whilst this has taken longer than expected, we are now positioned for a significant growth opportunity,” he added.
Maestrano’s share price is trading at 13.75p, up 4.76%, shortly after the open in London.
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