If you’re a parking inspector working in Brisbane, just a heads up – you’re probably going to lose your job soon because your employer has just bought 4 more robots from AI company SenSen Networks (ASX: SNS) that can do your job for less money and better.
This is the unfortunate reality for the families of those parking inspectors as Brisbane continues to transition towards becoming a smart city.
The ordering of those four vehicle mounted cameras will take the council’s total fleet to 11 where the initial 7 have performed so well that they have engaged SenSen for more.
“We are delighted to further grow our partnership with Brisbane City Council, one of the most forward-thinking cities in Australia which uses our AI parking solutions. SenSen continues to experience significant growth as cities worldwide are now adopting this technology to reduce congestion and improve the parking experience of citizens,” said SenSen CEO, Dr Subhash Challa.
By utilising the vehicle mounted cameras, AI is used during patrols to automatically identify how long a vehicle has been parked in a specific spot for. If the AI identifies, via licence plate recognition, that the vehicle is in breach of local laws then the AI can forward the licence plate data to relevant authorities which then issue an infringement notice.
Key to the technology’s value is the insane amount of time saved by not needing a parking inspector to physically walk around their designated area, mark car tyres with chalk, and physically issue the ticket which often ends up as litter.
The addition of these 4 new units is an extension of the partnership which first commenced in 2017 when SenSen partnered with Brisbane City Council for technology that would assist with parking enforcement and the City’s traffic congestion problems.
An upfront payment of $278,000 will be paid to SenSen for the new units which will also secure a minimum subscription fee or $280,000 per annum for each of the four units to cover licensing, servicing and processing.
While the deal may not be great for any aspiring parking inspectors, it is a clear sign of the times ahead as more traditional labour-intensive jobs are replaced with AI and robotics.
For the six months ended 31 December 2021, SenSen Networks reported $2.9 million in revenue which was a 19% increase on the previous corresponding period.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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