Supply Side: Rail Vision; TSHII, IRRX; PICit A/S, Arcadea Group

Rail Vision 

The U.S. Patent and Trademark Office has granted patent approval for Rail Vision’s AI-powered railway obstacle detection system, the Ra’anana, Israel-based supplier reported Aug. 12. A U.S. patent notice of allowance was granted in May.

“This patent outlines an advanced method for enhancing rail safety through the use of electro-optical imaging technologies combined with artificial intelligence,” Rail Vision said. “The system is designed to significantly reduce collisions on railroads by employing an artificial intelligence model that includes comprehensive scene analysis and image processing techniques.”

Among the patent’s features:

• Advanced electro-optical imaging: According to Rail Vision, its system uses “single spectrum or multispectral imaging to capture comprehensive visuals of the train’s pathway and its surroundings.”
• AI-driven image processing: The Rail Vision system “[i]ncorporates deep learning through convolutional neural networks to precisely determine the railway path and detect potential obstacles along and near the path.”
• Enhanced safety measures: Rail Vision reported that its system “[a]ims to dramatically reduce collision risks, thereby increasing the safety of rail operations.”

In related developments, Rail Vision in June reported being awarded a follow-on order from a U.S.-based rail and leasing services company, which earlier in the year signed a contract valued at up to $5 million for Shunting Yard systems to improve yard safety and efficiency. Also, the company delivered and installed its AI-driven Shunting Yard System to Loram.

TSHII  / IRRX

TSHII and IRRX on Aug. 12 reported entering into a business combination agreement, which they expect to result in a merger of the two companies with a subsequent NASDAQ exchange listing on Sept. 15. TSHII also reported that it is in “substantial contract negotiations with a global integrated energy company (‘Anchor’) for the purchase of Anchor feedstock products and the sale of all refined commodities back to Anchor.”

The announcement of the “business combination, refinery transload terminal development and operation, and commercialization marks a huge step forward toward the restart and optimization of the refinery,” said Mark Michel, Chairman and CEO of DHIP Natural Resources Investments, LLC-sponsored IRRX, which describes itself as a “blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses,” and it intends to focus its search on natural resources, railroads and/or railroad logistics companies, or any combinations thereof. “We have developed a very strong and talented team with deep industry expertise and experience between IRRX and Cando [Rail & Terminals]. We feel IRRX has created a transaction that reflects exactly what we set out to do, which was to unlock stranded or captive commodities and natural resources and get them to more distant markets using transportation optimizations and new infrastructure. I would like to thank everyone involved with the deal and I look forward to the months ahead as we de-SPAC and provide jobs and economic development to the residents of the Uinta Basin and Northeast Utah.”

“We are excited to work with IRRX to complete this transaction and see the long-anticipated restart of business operations related to our asset base,” said Joe Sorenson, the owner of TSHII.

The merger is subject to regulatory approvals, approval by IRRX shareholders, and “the satisfaction or waiver of other customary closing conditions,” according to the companies.

Winston & Strawn LLP is serving as legal counsel to IRRX, and Holland & Hart is serving as legal counsel to TSHII.

PICit A/S / Arcadea Group

Aarhus, Denmark-based PICit A/S on Aug. 9 reported a “strategic growth investment” in its port, rail, and intermodal logistics management software from Toronto, Canada-based Arcadea Group, a “permanent-hold” investor in global software businesses. The partnership with Arcadea Group “will be focused on continuing strong growth in domestic and international markets, and accelerating product development,” according to PICit A/S.

The entire team at PICit will continue with the firm, and PICit CEO Henrik Højen Andersen will retain his role, as well as a major equity stake in the business.

“We believe that we have found the perfect partner in Arcadea Group, who will be able to contribute to PICit’s future growth and development,”  Andersen said. “Arcadea Group is a strong and experienced private equity firm, which will enable PICit A/S to develop the business faster and better with operational and strategic expertise from Arcadea.”

“PICit is our second investment in Denmark since inception, and our fourth in the rail and logistics sector this year,” said Paul Yancich, Managing Director of Arcadea Group. “As we’ve learned in our other investments in the sector, customers prioritize long-term stability and aggressive product development, characteristics that we see in PICit and will work hard to further enhance over the decades to come.”