ST. JOHN’S, NEWFOUNDLAND and BREMEN, GERMANY – 19 APRIL 2018 /GLOBE NEWSWIRE/ – Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF), is pleased to announce that its German subsidiary, Kraken Robotik GmbH, has been accepted into the NVIDIA Inception program, a comprehensive global initiative to support companies that are driving new breakthroughs in artificial intelligence and data science.

Every Inception program member receives a custom set of ongoing benefits, ranging from hardware grants and marketing support to training with deep learning experts. The relationship also includes access to NVIDIA’s latest GPU accelerators as well as a global AI ecosystem with a massive network of deep learning experts and opinion leaders.

Kraken has incorporated NVIDIA’s Jetson embedded GPU platform into its SeaVision® underwater 3D laser imaging system. SeaVision delivers dense full colour 3D point cloud images of subsea infrastructure with millimetre accuracy in real time. These datasets create highly detailed models for 3D visualization that are uploaded to the cloud to support complex machine learning and artificial intelligence algorithms used for predictive analytics. The ability to automate defect recognition and accurate change detection of underwater assets is an important requirement for commercial, military and ocean research applications. SeaVision simplifies creating dynamic digital models of physical assets and systems. This helps build and operate digital twin applications to gain knowledge and insights about performance of future operations.

Kraken is currently deploying SeaVision in several applications including a contract with Petroleum Research Newfoundland and Labrador for underwater inspection of ship hulls. The Company also recently won a competition with the Carbon Trust’s Offshore Wind Accelerator program that will utilize SeaVision to inspect turbine foundations at operational wind farm sites in Europe. Kraken is also pursuing additional contract opportunities for SeaVision in underwater defence, marine archaeology and ocean science.

“NVIDIA’s GPU-accelerated platforms are essential for the high-computing needs used in today’s artificial intelligence engines and meeting the low-power requirements of embedded systems,” said Dr. Jakob Schwender, Managing Director of Kraken Robotik GmbH. “We have already made our core systems GPU-ready to fully explore the further potential that comes with NVIDIA’s latest GPU technology. We are excited to be joining the Inception program and believe that NVIDIA’s network will help advance our underwater sensor and robotic platforms.”

 

About NVIDIA Inception Program

Inception nurtures dedicated and exceptional startups who are revolutionizing industries with advances in AI and data science. This virtual accelerator program helps startups during critical stages of product development, prototyping, and deployment. For more information, please visit: https://www.nvidia.com/en-us/deep-learning-ai/startups/

 

About Kraken Robotics Inc.

Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company that is dedicated to the production and sale of software-centric sensors and underwater robotic systems. The company is headquartered in St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Bremen, Germany; and Fairfax, Virginia. For more information, please visit www.krakenrobotics.com, www.krakenrobotik.de, www.krakenpower.de. Find us on social media on Twitter (@krakenrobotics), Facebook (@krakenroboticsinc) and LinkedIn.

Certain information in this news release constitutes forward-looking statements. When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company’s current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company’s public disclosure documents. Many factors could cause the Company’s actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the OTCQB has neither approved nor disapproved the contents of this press release.

 

For further information, please contact:

 

Sean Peasgood, Investor Relations

(647) 955-1274

sean@sophiccapital.com

 

Greg Reid, Chief Financial Officer

(416) 818-9822

greid@krakenrobotics.com

 

Glenda Leyte, Marketing Manager

(709) 757-5757 extension 288

gleyte@krakenrobotics.com