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"This award is especially remarkable given that we are the only small business selected among a group of huge government agencies and well-established private-industry companies such as Google, DoD."
ROCKVILLE, MD, September 09, 2020 /24-7PressRelease/ -- Counterfeit Drug Detector, a patent-pending innovation from Precise Software Solution, Inc. (Precise) was selected as one of the top 8 innovations at the 2020 ACT-IAC Igniting Innovation Award Conference. It also won the Incubator Award, an award given to an innovation not yet in production with the greatest potential.
Precise's innovative new solution deploys multiple wavelength lights and an all-spectrum high definition camera in a portable device. The Precise team developed machine learning algorithms for multi-spectrum image recognition and falsified drug identification. The algorithms are deployed in a minicomputer and use novel machine learning functions to achieve near real time results. The innovation will dramatically reduce staff training and improve the time and accuracy in the increasingly critical field of falsified drug detection. An introduction video can be viewed here.
On receiving this prestigious recognition, Precise CEO Dr. Zhensen Huang said, "We are very excited to be recognized with the 2020 ACT-IAC Igniting Innovation Award. This award is especially remarkable given that we are the only small business selected among a group of huge government agencies and well-established private-industry companies such as Google, DoD, VA that also made the Top 8!"
This is not Precise's first appearance or high-level recognition at the ACT-IAC Igniting Innovation Conference. Dr. Ben Duan, Chief Technology Officer and leader of the Precise's innovation team, said, "Together with our PillSafe application, which also won recognition at the 2019 ACT-ICT Igniting Innovation Awards, this is the second year in a row that our innovations made it to the top 8. We have been focusing our innovation efforts on bringing the latest Cloud, Artificial Intelligence, and Machine Learning technologies to help our public sector customers achieve their missions. We are very proud to see our efforts being recognized."
Precise partners with Sapfonte, Inc. for ongoing product development and commercialization efforts. Experts estimate that 10% of the worldwide drug supply are falsified or fail to meet regulatory standards. These falsified and substandard drugs have an estimated $200 billion annual economic impact, and they adversely impact health systems and disease progression and at times can result in patient death. Precise works with its many partners to fight this public health risk and to support public health and safety.
About Precise Precise Software Solutions, Inc. (Precise), an SBA 8(a) program participant, is an innovative small business with a proven record of success delivering quality services and solutions to government organizations. A CMMI Level 3 company, Precise serves as a trusted advisor to senior technology executives and helps government agencies enhance and expand their information technology capabilities. Precise helps their customers capitalize on the efficiencies offered by technological advancements and ensures the integrity of their IT systems and programs so they can perform their public mission more effectively. The company is known for delivering agile and innovative solutions and specializes in strategic consulting, system modernization and integration, digital transformation and experience, infrastructure and cloud implementation, and data management and analytics.
About Sapfonte Sapfonte is a health IT company with a mission to commercialize software technologies to protect the public from unsafe products. We use big data, machine learning, and natural language processing to power our software products. Precise Software Solutions is our software development partner.
About ACT-IAC ACT-IAC is a large non-profit public-private partnership dedicated to improving government through the application of information technology. Igniting Innovation is the premier annual event featuring innovations to improve services to citizens and government operations.
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