TruGolf Holdings (NASDAQ: TRUG) stock soared after the company inked a deal with mlSpatial for AI-driven golf simulator enhancement.
TruGolf (TRUG) has inked a licensing deal with mlSpatial, an AI and machine learning company, to integrate a co-developed AI engine into its APOGEE launch monitor.
This agreement provides TruGolf with the preferred opportunity to purchase all assets belonging to mlSpatial, bolstering the company’s position in the expanding golf simulation market.
The collaboration aims to boost the accuracy of the APOGEE launch monitor, a ceiling-mounted system engineered to capture detailed club and ball data without special equipment. By integrating the AI engine, TruGolf aims to enhance the 9-axis spin accuracy of the device, offering golfers a more immersive and realistic indoor playing experience.
Management Commentary
Brenner Adams, Chief Growth Officer of TruGolf, expressed enthusiasm about the collaboration with mlSpatial, emphasizing TruGolf’s commitment to leveraging cutting-edge AI technology to elevate the performance of its products.
Adams said,
“The collaboration with mlSpatial marks an exciting chapter in TruGolf’s journey towards perfection in launch monitor accuracy.”
Josh Pomazal, mlSpatial’s CEO, also spoke about the partnership. He said,
“mlSpatial is revolutionizing spatial dynamics analysis through advanced AI models tailored for a multitude of hardware applications. Working with TruGolf to co-develop the AI engine powering APOGEE, users now enjoy a more realistic playing experience, achieved through seamless integration of spatial and trajectory data, resulting in unparalleled efficiency and accuracy.”
The APOGEE launch monitor utilizes cutting-edge technology, including an ultra-high-speed stereoscopic camera and the INSTANT IMPACT image analysis algorithm, to process shot data rapidly and provide users with real-time simulation of on-screen shots.
The golf simulation market, where TruGolf holds a prominent position, is experiencing rapid growth, driven by increasing demand for immersive and accessible golfing experiences. According to Verified Market Reports, the market was valued at $1.31 billion in 2023 and is estimated to reach $3.41 billion by 2030, reflecting a compound annual growth rate (CAGR) of 24%.
TruGolf (NASDAQ: TRUG) Stock Reaction
TRUG stock surged 64.35% to close at $1.89 on Wednesday. The traders had exchanged hands with 59,264,969 (59.26 million) shares compared to the average daily trading volume of 214.64K.
