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By Faith Ashmore, Benzinga
While crime has always existed in human society, the scale and threat of crime can arguably rise higher with advancements in technology. Just as how we fight wars has changed, so have the methods of crime. The economic cost of crime is astronomical; in the U.S. the cost of crime is over $2.5 trillion in a single year. Studies have shown that violent crimes against young people have also been rising. When looking at crime rates and the communal cost, it's important to think about how modern technology can be implemented in solutions.
Knightscope (NASDAQ: KSCP), a technology company ushering in the dawn of Autonomous Security Robots (ASRs), has spent the last decade demonstrating the potential of robots in security to the country through a large-scale proof of concept. The company currently has a suite of products ranging from stationary Blue Light emergency systems to self-driving ASRs. The CEO of Knightscope, William Santana Li, has shared that the long-term goal is to build a wide range of technologies encompassing incognito small devices to robots that can patrol cities, highways – and everything in between. The CEO believes the company has completed phase 1 of the company’s mission with over $30 million in lifetime revenue, as well as contracts across the country.
The company has cemented phase 1 with the announcement of a major milestone by receiving its Authority to Operate (“ATO”) from the Federal Risk and Authorization Management Program (“FedeRAMP”), which is sponsored by the U.S. Department of Veterans Affairs. This achievement means that Knightscope will eventually be listed as an approved provider for federal agencies. The company can now also begin its deployment process to perform on the contract awarded by the VA.
“Knightscope’s ATO achievement proves our organizational focus on cyber security and our unwavering commitment to our mission of better securing our country… We believe going through this intense and rigorous process has improved our security posture, which also will positively impact commercial and civilian applications,” shared Mercedes Soria, EVP and Chief Intelligence Officer, who led the nearly 3-year effort in reaching the key milestone.
CEO Li believes that with this milestone accomplished, the company is firmly on its way through phase 2 of the company’s growth, with a focus on sustained and increased profitability. The major goals of Knightscope's phase 2 are focused on improving organizational efficiency, increasing margins, introducing new products and technologies and exploring potential acquisitions. To achieve these goals, the company aims to streamline management decision-making, reduce fixed costs, consolidate purchasing activities, re-engineer its supply chain and redesign systems and subsystems.
Knightscope has set targets for margins on its K1B portfolio and ASRs and plans to scale up its operations to achieve profitability by the end of the year. Knightscope is also actively pursuing the development of new products, such as the K7 ASR for private roads and properties, and exploring potential acquisitions in the autonomous vehicle space. The company hopes that these efforts will effectively accelerate technology and product development towards a future that brings the K10 ASR into production faster for autonomous patrol of cities and highways. Becoming a federal supplier means that the company’s market has now been extended beyond city and neighborhood authorities to the federal government – in Fiscal Year 2022, the federal government committed about $694 billion to contracts.
Ten years ago, the idea of robots being instrumental in public safety was an idea for the big screen but not yet tangible. Knightscope seems to have successfully demonstrated the efficacy of robotics and is looking to expand its presence in phase 2. The company seems well positioned to be a major force in the robotics market, which was valued at $31.38 billion in 2021 and is expected to reach $110.39 billion by 2030 with a CAGR of 15% from 2022-2030.
Click here to read more about the company’s future plans from CEO William Santana Li
Photo by Knightscope
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