As drone technology continues developing at an impressive pace, so too is counter drone technology. Leaders in the field of drone threat protection DroneShield (ASX: DRO) provide artificial intelligence powered anti-drone solutions for a variety of sectors including defense, law enforcement, corporations, infrastructure and airports.
Using a three tiered approach, their artificial intelligence- based tech is capable of detecting and bringing down all manner of drone threats.
The counter drone market worldwide is currently valued at USD $10 billion, an astonishing number when you consider that it did not even exist ten years ago.
The Company is expanding their US presence, entering into a contract framework with the State of Texas which will allow state and local governments as well as other public entities to purchase DroneShield’s solutions.
The five year contract will see DroneShield tech used for various applications, after being purchased via streamlined avenues from the provider.
The Texas Department of Information Resources (DIR) will be responsible for facilitating this direct purchasing path for any Texas based agency or business that needs to amp up their counter drone strategy.
As part of the contract, DroneShield will include an eight-week threat assessment package to any agency looking to purchase their products. The assessment will evaluate the amount of and types of drones operating in the area, and what counterdrone tech will work best.
DroneShield’s US based CEO, Matt McCrann said: “DroneShield has heard loudly and clearly that state and local government agencies need immediate and reliable protection from drones operated by bad actors. It’s a rapidly increasing threat.
“We are pleased that our contract with DIR will enable accelerated deployment options of industry-leading counter drone protection to Texas government end users.
Despite not being able to put a dollar value on the contract DroneShield expects the revenue from this agreement to be well worthwhile. DroneShield tech is already widely used in the US by customers such as the Department of State, Department of Homeland Security and the Department of Defense.
The Company banked $2.6 million in customer cash receipts for the last quarter, representing a 53% increase on the previous corresponding quarter. Their cash balance as at 31st December 2021 was $9.5 million.
DroneShield currently has a global pipeline of opportunities worth over $200 million for 2022 which will assist in turning the Company cash flow positive. Their strategy moving forward will focus on scaling up inventory and focusing on developing and expanding their US team in sales and technical support, all with the goal of continuous improvement to solidify themselves as a global leader in the field.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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