The Advancing Gun Safety Technology Act authorizes the Attorney General to establish a pilot grant program that provides funding to small businesses for developing gun safety technology designed to prevent accidental or unauthorized use of firearms. The program would award between three and five grants totaling up to $10 million in fiscal year 2024 to eligible small businesses with fewer than 500 employees to support the development and commercialization of technologies such as smart guns, personalized firearms, and high-tech locking devices. Grant recipients would be required to report on their progress toward key milestones including prototype development, reliability testing, trial production planning, and commercialization preparation. This legislation aims to encourage innovation in safety features that could reduce unintended gun use while supporting small businesses in this emerging technology sector.