By Owen Tucker-Smith
Shares of Palladyne AI and Red Cat rose Wednesday after the companies said AI technology allowed multiple autonomous drones to work together to track objects on the ground.
Palladyne shares were recently up 10% to $9.96 in morning trading, and Red Cat shares were up 16.5% to $10.92. Both stocks are down around 17% this year.
Red Cat, which owns Teal Drones, produces hardware and software for military, government and commercial purposes. Palladyne's Pilot AI software allowed several of Teal's drones to independently collaborate and share sensory information, even when communication between them was constrained.
Matt Vogt, Palladyne's chief revenue officer, said that if drones can collaborate autonomously in the field, it will give warfighters a tactical advantage.
Palladyne expects its pilot software to be available commercially by the end of the first quarter. The AI company announced its partnership with Red Cat last summer.
Write to Owen Tucker-Smith at owen.tucker-smith@wsj.com
(END) Dow Jones Newswires
January 15, 2025 10:26 ET (15:26 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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