Innovate UK Network Rail Competition Win

RNS Number : 0091R

Maestrano Group PLC

25 June 2020

 

25 June 2020

Maestrano Group PLC ("Maestrano" or the "Company" or the "Group")

Maestrano wins Innovate UK - Network Rail competition

Maestrano Group PLC (AIM: MNO), the machine learning platform for transport  corridor asset monitoring, announces that its wholly owned subsidiary Corridor Technology Limited has been selected for a fully funded trial of its automated rail corridor gauging technology for Network Rail.

The trial has been awarded as a result of a Small Business Research Initiative (SBRI) competition in conjunction with Network Rail.

SBRI is a programme delivered by Innovate UK, which brings together government challenges and ideas from business to create innovative solutions. Innovate UK is part of UK Research and Innovation (UKRI), the national funding agency investing in science and research in the UK.

Network Rail brought to SBRI the problem of accurate gauging - measuring the location and encroachment of vegetation and masonry in rail networks.  Corridor Technology will automatically analyse digital point cloud data (Lidar) captured by Network Rail, using its cloud-based Machine Learning platform - developed and successfully applied on Australian and Japanese railways.

Nick Smith, Vice President Sales for Maestrano , said,

"This project will enable Network Rail to benefit from our mature core technology.  We will undertake the R&D required on top of our existing platform to create a bespoke application for them, working alongside Network Rail staff and their advisors to develop, test and demonstrate the modifications needed to meet their requirements.

This project should expedite commercial implementation so that Network Rail can benefit from radically quicker processing times to obtain actionable and timely gauging information.

Automating gauging data processing should also improve rail workers' safety by reducing the need for (and frequency of) boots-on-the-tracks inspections; and improve flexibility for train operators and other Network Rail customers (and therefore railway passengers and freight users), by enabling faster and more accurate scenario testing."

Andrew Pearson, CEO of Maestrano, commented:

"We are delighted and proud to have been awarded this contract and are excited to commence our first Corridor Technology project in the UK."

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

Maestrano Group plc

Andrew Pearson, CEO  c/o Arden Partners

Grant Thornton (Nominated Adviser)

Colin Aaronson / Jamie Barklem / Niall McDonald  [phone]

Arden Partners (Broker)

Ruari McGirr / Ciaran Walsh  [phone]

About Maestrano

Maestrano offers a patented cloud-based platform for master data management and business analytics, together with specialist hardware and software for capturing, analysing and reporting on large datasets within the transport sector, employing sophisticated machine learning algorithms.

Further information on the Company is available at: www.maestrano.com

 

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