Wytec International, Inc. (OTCQB: WYTC), a San Antonio-based Artificial Intelligence (AI) 5G company, has initiated a $10 million private offering to finalize its patented AI-powered gunshot and drug detection technology. This effort is part of the company's broader mission to improve school safety and prevent the spread of harmful substances in schools across the United States and internationally. The funding, secured through a SEC 506(c) 9.5% $10,000,000 Convertible Secured Note Offering, is pivotal for the completion of Wytec's innovative safety solutions.
The technology developed by Wytec has demonstrated significant potential in early testing phases. Robert Sanchez, Wytec's CTO, reported that lab tests involving over 300,000 samples showed an 86% true positive accuracy for gunshots and a 94% true negative accuracy for non-gunshots in real-life scenarios. These results highlight the system's capability to accurately identify threats, reducing the likelihood of false alarms.
Interest in Wytec's pilot program has been substantial, with 40 Texas Independent School Districts (ISDs) expressing a desire to participate. The program's collaborative framework involves various national and international vendors, underscoring the project's scalability and its potential for global application.
Wytec's technology leverages its existing patented small cell intellectual property, integrating smart sensors and AI/ML software solutions. The company is currently awaiting final approval from the United States Patent & Trademark Office (USPTO) for additional provisional patents related to this technology. To strengthen its intellectual property portfolio, Wytec has partnered with Denton Law, a renowned international law firm, to finalize its patent applications.
Beyond the development of its AI Gunshot/Sensor technology, the proceeds from the 9.5% Note Program will also facilitate Wytec's plans to uplist to the Nasdaq Capital Markets. Such a move could enhance the company's market presence and access to investment, supporting further innovation and expansion.
The private offering, available only to accredited investors under SEC 506(c), represents a strategic approach to funding that allows Wytec to retain control over its development trajectory while securing the capital necessary for its ambitious initiatives. This comes at a time when the need for effective solutions to school safety and drug prevention is more pressing than ever.
Wytec's focus on deploying AI-powered safety technologies in schools addresses critical challenges facing educational institutions today. The successful implementation of its gunshot and drug detection system could mark a significant advancement in school safety protocols, offering a new level of protection for students and staff. As Wytec progresses with its technology and market expansion, the impact of its innovations on school safety standards and practices will be closely monitored by stakeholders across the education, policy, and investment sectors.
