Allows Use of Up to Twice as Many Cameras While Reducing Computing Cost
COLUMBIA, MD / ACCESSWIRE / July 10, 2019 / Rekor Systems, Inc. (NASDAQ: REKR) ('Rekor'), a leading provider of innovative vehicle recognition systems, announced today that it has released an upgrade to its OpenALPR vehicle recognition software. The newly released software improves processing speed on Central Processing Units ("CPU") up to 100%, thus enabling customers to reduce costs by deploying up to twice as many cameras using the same computing hardware.
Other upgrades include performance improvements on Nvidia Graphics Processing Units ("GPU"), which decrease memory usage on both CPU and GPUs and reduce reads of road signs and billboards by mobile units. Already operating at a precision 99.02% accuracy rating on U.S. license plates, OpenALPR was able to improve accuracy across all vehicle recognition metrics, based on publicly available benchmarks.
The new software also includes enhancements that improve user experience, including a new dispatch view for real-time alerting in map-view, text message alerts, usability enhancements for analytic reports, and improvements in overall efficiency.
"We've already exceeded human-level accuracy benchmarks, so to be able to develop an even more accurate solution is a giant leap for vehicle recognition technology," said Matthew Hill, Chief Science Officer, Rekor. "Doubling processing speed can be a game-changer for customers who want to increase the number of vehicle recognition cameras they're running. Now they'll be able to do so without incurring additional capital expense for the purchase of supporting hardware. This represents a significant cost reduction while improving overall camera coverage. Our customers rely on OpenALPR for its speed, accuracy and scalability, so we're pleased that this enhanced version will also reduce their need to purchase additional expensive hardware."
With its robust and growing license plate database covering 69 countries, OpenALPR's software can identify in real time vehicle license plate data, color, make, model and body type. To learn more please visit our website: https://rekorsystems.com/openalpr/.
About Rekor Systems, Inc.
Rekor Systems, Inc., a Nasdaq-listed (REKR) Delaware company, is the parent of Maryland-based Rekor Recognition Systems, Inc. Our smarter, faster, cost-competitive solutions are disrupting major industries in over 60 countries across the globe, including security and surveillance, public safety, electronic toll collection, brand loyalty, parking operations, banking and insurance, logistics, and traffic management. We use the power of artificial intelligence to analyze video streams and transform them into actionable information for our clients. Our machine learning enabled software can turn most IP cameras into highly accurate and affordable vehicle recognition devices. Rekor provides advanced vehicle recognition systems, powered by its innovative OpenALPR software, which dramatically improves the accuracy of license plate reads and can also identify the make, model and color of vehicles. Rekor's solutions include mobile and fixed license plate readers, 'Move Over' law enforcement, school bus stop-arm enforcement, and red light and speed enforcement, parking enforcement and citation management. Rekor's solutions help to protect lives, increase brand loyalty, and manage complex supply chain logistics. Our systems can dramatically reduce the cost of collecting tolls on major highways or manage congestion in the bumper-to-bumper traffic of large cities, without the need to install expensive new infrastructure. We make what was once considered impossible, possible. To learn more please visit our website: https://rekorsystems.com
This press release includes statements concerning Rekor Systems, Inc. and its future expectations, plans and prospects that constitute 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the impact of Rekor's core suite of AI-powered technology and the size of the market for global ALPR systems. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as 'may,' 'should,' 'expects,' 'plans,' 'anticipates,' 'could,' 'intends,' 'target,' 'projects,' 'contemplates,' 'believes,' 'estimates,' 'predicts,' 'potential,' or 'continue,' by the negative of these terms or by other similar expressions. You are cautioned that such statements are subject to many risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual circumstances, events or results may differ materially from those projected in the forward-looking statements, particularly as a result of various risks and other factors identified in our filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events, or otherwise.
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