Australian tech company Strategic Elements (ASX.SOR) has been backed by Honeywell in a notable show of confidence with the American tech giant funding the firm to build experimental autonomous robotic vehicles backed by artificial intelligence.
The partnership between Honeywell, a USD $100 billion company, and the Perth-based firm has been 10 months of work in the making and will provide Stealth Technologies, a 100% owned subsidiary, with an initial payment $100,000 and provide Honeywell with exclusivity to Stealth’s developments for a 12-month term.
“This is a significant achievement for Stealth Technologies and the Strategic Elements team. I congratulate the whole team and look forward to the period ahead,” said Strategic Elements Managing Director, Charles Murphy.
Key to the partnership funding will be terms which enable Stealth Technologies to retain ownership over material or intellectual property created through the partnership.
Where the majority of tech developers operating in the artificial intelligence space have a focus on software, the Stealth Technologies team comprise of award winning PhD and Masters qualified research engineers who are multi-disciplined in hardware also.
Robotics have already received widespread adoption across resource, aerospace, manufacturing and defence sectors whilst greater adoption is expected to be seen in healthcare.
Strategic Elements is registered under the Australian Federal Government’s Pooled Development Fund with a mandate to back Australian innovation which enables most shareholder to pay no tax on capital gains or dividends earned on the stock.
Shares in Strategic Elements rose as high as 42% to $0.094 upon release of the partnership announcement with Honeywell.