VERSES Completes EU-Funded Autonomous Drone Governance Program
VERSES AI Inc. has announced the successful completion of the three-year Flying Forward 2020 (FF2020) program, funded by the European Union. The program aimed to test the viability of autonomous drones in five European cities, with the final two trial cities being Oulu, Finland, and Tartu, Estonia. VERSES' platform, KOSM, was utilized in Oulu for mapping navigation routes and inspecting locations, while in Tartu, it was used for preventative maintenance by monitoring solar panels. The FF2020 consortium, consisting of 12 global partners, worked together to define governance models, regulatory frameworks, and interoperability frameworks for autonomous drones.
This program's successful completion sets the stage for the commercialization of urban air mobility in smart cities across the European Union. The development of a state-of-the-art Urban Air Mobility (UAM) ecosystem for autonomous drone missions has significant implications for various industries, including emergency response, surveillance, last-mile delivery, and taxi drones. The estimated market value of the commercial drone industry is expected to reach USD $1.2 trillion by 2030.
VERSES' technology has played a crucial role in paving the way for legally compliant commercialization of autonomous drones and other AI-powered systems. The program's deliverables, including governance models, geospatial digital infrastructure, and interoperability frameworks, provide a foundation for safe and efficient drone operations. This achievement highlights the importance of governance and coordination in the development and deployment of AI-powered vehicles and systems.
The completion of the FF2020 program marks a significant milestone in the advancement of autonomous drone technology and sets the stage for future innovations in the field of artificial intelligence. VERSES' contributions to this program demonstrate their commitment to creating a smarter world that harnesses the potential of AI and fosters collaboration between humans, machines, and AI-powered systems.
Implications of FF2020 Program Completion for New Businesses
Commercialization of Urban Air Mobility
The successful completion of the FF2020 program by VERSES AI Inc. sets a new precedent for the commercialization of urban air mobility. This development could open up a wealth of opportunities for new businesses looking to venture into autonomous drone operations. With the program's focus on establishing governance models and regulatory frameworks, startups can now navigate this space with a clearer understanding of the legal and operational requirements.
Emerging Market Opportunities
The estimated market value of the commercial drone industry, expected to reach USD $1.2 trillion by 2030, signals a promising future for businesses in this sector. The potential applications of autonomous drones in various industries, including emergency response, surveillance, and last-mile delivery, present diverse avenues for business growth and innovation.
Role of AI in Autonomous Systems
VERSES' contributions to the FF2020 program underscore the critical role of artificial intelligence in the development and deployment of autonomous systems. This highlights the potential for new businesses to leverage AI technology in creating smarter, more efficient systems that can foster collaboration between humans, machines, and AI-powered systems.
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