Red Cat Holdings, Inc. (NASDAQ:RCAT) shares are moving higher after it announced an expanded partnership with Palladyne AI Corp. (NASDAQ:PDYN) and its Teal Drones subsidiary.
What To Know: The companies original partnership involved embedding Palladyne's artificial intelligence software into Teal drones in order to expand drone system capabilities.
Specifically, the partnership aims to facilitate the creation of a network of drones and sensors that collaborate autonomously to provide superior intelligence, surveillance and reconnaissance capabilities. The expanded partnership will include joint sales and marketing for Palladyne's artificial intelligence software on Teal drones.
"We are extremely proud to be working with Teal on integrating our Palladyne Pilot artificial intelligence software into Teal's drones and look forward to this expanded relationship to help deliver a best-in-class experience for their defense, public safety, and commercial customers," said Ben Wolff, CEO, Palladyne AI.
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RCAT Price Action: At the time of writing, Red Cat shares are trading 42.6% higher at $67.77, according to data from Benzinga Pro.
Image: Image via Pixabay
