Duos Subsidiary, Duos Edge AI Entered Into Secured Promissory Notes For A Total Of $2.2M With Two Institutional Investors In The Company
Portfolio Pulse from Benzinga Newsdesk
Duos Technologies Group, Inc. (NASDAQ:DUOT), through its subsidiary Duos Edge AI, has secured $2.2 million in funding via secured promissory notes with two institutional investors. The funds will be used to produce three Edge Data Centers (EDCs) for deployment in remote districts, including schools, government, and health facilities. The first EDC is expected to be in full production by late October, with the second and third units following in November.
July 24, 2024 | 12:02 pm
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Duos Technologies Group, Inc. (NASDAQ:DUOT) has secured $2.2 million in funding for the production of three Edge Data Centers, expected to be operational by November. This funding will support the company's growth and expansion into remote districts, including schools, government, and health facilities.
The secured funding of $2.2 million will enable Duos Technologies Group to produce and deploy three Edge Data Centers, which is likely to boost the company's growth and expansion into new markets. The expected production timeline suggests a positive short-term impact on the company's stock price.
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