Wytec International, Inc. (OTCQB: WYTC), a San Antonio-based Artificial Intelligence (AI) 5G company, has initiated a $10 million private offering to fund the finalization of its patented AI-powered gunshot and drug detection technology. This move is part of the company's broader strategy to tackle the escalating issues of school safety and the presence of harmful substances in schools across the United States and beyond.
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 AI Gunshot/Sensor technology. This technology is designed to safeguard students from shooter violence and detect drugs within Independent School Districts (ISDs). Initial lab tests have shown promising results, with an 86% true positive accuracy for gunshots and a 94% true negative accuracy for non-gunshots, as reported by Robert Sanchez, Wytec's CTO.
Interest in Wytec's technology is growing, with 40 Texas ISDs expressing a desire to join the company's pilot program. This initiative involves collaboration with various national and international vendors, indicating the project's potential for extensive adoption. Wytec's technology leverages its existing patented small cell intellectual property, integrating smart sensors and AI/ML software solutions, with new provisional patents pending approval from the USPTO.
Beyond the development of its safety technology, the 9.5% Note Program will also aid Wytec in its efforts to uplist to the Nasdaq Capital Markets, a step that could enhance the company's market presence and financial resources. The private offering is open exclusively to accredited investors, allowing Wytec to secure funding while retaining control over its development trajectory.
Wytec's initiative arrives at a time when the nation is grappling with the dual challenges of school shootings and drug-related issues in educational environments. The company's AI-powered solutions offer a promising avenue for improving school safety protocols, potentially setting a new standard for protective measures in schools. As Wytec progresses with its technology and expansion plans, the outcomes of this private offering and the subsequent deployment of its AI Gunshot/Sensor technology could significantly influence school safety strategies, drawing attention from educators, policymakers, and investors.
