News and Announcements
Cognicept Systems develops the secret ingredient to mass adoption of robots
- Published April 17, 2019 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Highlights
- Cognicept Systems’ ‘human-in-the-loop’ error handling system is looking to put an end to high robot failure rates.
- This technology will see the adoption of robots across more industries with a close to 99% reliability rate.
- Cognicept is on a projected target of 10% global market share at an estimate of US$500 million in yearly revenues, with robotics growth estimated to reach 2.25 million smart robots by 2022.
Cognicept Systems have developed a ‘human-in-the-loop’ error handling system that is looking to put an end to high robot failure rates, which will revolutionise the robotics industry. The new system developed by Cognicept places the software on the robot where it listens for failure alerts. Upon failure alert, it dials in a human operator who takes control to rectify the cause of failure. The human operator is able to control the robot via an internet connection with access to its cameras.
CEO of Cognicept Systems, Michael Sayre believes this technology will see the adoption of robots across more industries with a close to 99% reliability rate. The current growth of robotics is sitting at 20% per year with estimations of 2.25 million smart robots by 2022.
Cognicept is on a projected target of 10% global market share at an estimate of US$500 million in yearly revenues via their subscription model and flat rate annual billing.
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