Wytec International, Inc. (OTCQB: WYTC), a San Antonio-based Artificial Intelligence (AI) 5G company, has launched a $10 million private offering to fund the completion of its patented AI-powered gunshot and drug detection technology. The initiative comes as part of the company’s efforts to address the growing concerns of school safety and combat the infiltration of harmful substances in educational institutions across the United States and internationally.
The company has commenced a SEC 506(c) 9.5% $10,000,000 Convertible Secured Note Offering, secured by its patents. This funding will be instrumental in finalizing Wytec’s AI Gunshot/Sensor technology, which aims to protect America’s children from increased shooter violence and detect harmful drugs in U.S. Independent School Districts (ISDs).
Wytec’s technology has shown promising results in initial lab tests. According to Robert Sanchez, Wytec’s CTO, the company’s lab results, based on over 300,000 samples, demonstrated an 86% true positive accuracy for gunshots and a 94% true negative accuracy for non-gunshots under real-life environments. These figures underscore the potential effectiveness of the technology in distinguishing between actual threats and false alarms.
The company’s initiative has garnered significant interest, with 40 Texas ISDs already requesting to participate in Wytec’s pilot program. This pilot project involves the engagement of multiple national and international vendors, highlighting the collaborative nature of the endeavor and its potential for widespread implementation.
Wytec’s technology is built upon its existing patented small cell intellectual property, which is designed to incorporate smart sensors and AI/ML software solutions. The company is currently awaiting final approval from the United States Patent & Trademark Office (USPTO) for its newest provisional patents related to this technology. To ensure the robustness of its intellectual property portfolio, Wytec has engaged Denton Law, a prominent international law firm, to complete its patent applications.
In addition to funding its AI Gunshot/Sensor technology, the 9.5% Note Program will also support Wytec’s preparations to uplist to the Nasdaq Capital Markets. This move could potentially increase the company’s visibility and access to capital, further fueling its growth and technological development.
The private offering, filed under SEC 506(c), is available exclusively to accredited investors. This strategic funding approach allows Wytec to maintain control over its development process while securing the necessary capital for its ambitious projects.
Wytec’s focus on AI-powered safety solutions for schools comes at a critical time when concerns about school shootings and drug-related issues in educational institutions are at the forefront of national discussions. The company’s technology has the potential to provide a much-needed layer of protection for students and staff, potentially revolutionizing school safety protocols across the country.
As Wytec moves forward with its technological development and market expansion plans, the success of this private offering and the subsequent completion of its AI Gunshot/Sensor technology could have far-reaching implications for school safety measures nationwide. The company’s progress will likely be closely watched by educators, policymakers, and investors alike, as it represents a significant step towards leveraging advanced technology to address pressing societal concerns.
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