After a few board changes and a successful beta test program, software company Harvest Technology Group (ASX: HTG) is now ready to launch its remote video monitoring platform, Nodestream Live. This platform was previously introduced as the AVRLive Cloud.
Nodestream Live is a cloud-based software designed to streamline and enhance remote video monitoring in bandwidth-constrained environments. This platform enables users to aggregate video feeds from various sites and devices into a single, easy-to-manage system.
It supports streaming up to 16 channels of video per encoding device from as low as 500kbps, ensuring unparalleled situational awareness even where network availability has previously limited video streaming.
Put simply, even with weak internet and low bandwidth, you can look at multiple video streams on one platform.
Harvest Technology Group’s CEO, Ilario Faenza, stated, “I am very proud of the team for their focussed effort to deliver our first software only offering. The launch of Nodestream Live is a significant milestone for the company with many customers having participated in the beta trials, ensuring we have delivered a solution customers actually want and need.
“This product is expected to significantly improve our speed to market by enabling customers to rapidly trial our products and then seamlessly move to production, I see this as a key asset for securing Enterprise and Government clients worldwide.”
Harvest Tech is a remote operations provider with real-time remote control, communication, automation, and monitoring capabilities. Headquartered in Perth, Australia, it offers remote field services with ultra-low bandwidth Network-Optimised Livestreaming solutions that enable customers to stay connected to operations and personnel anywhere in the world while utilising just a fraction of existing bandwidth resources.
With a user-friendly interface, Nodestream Live is a browser-based platform for simple deployment and compatibility with most industry-accepted video formats. It will allow rapid, secure sharing of content with key stakeholders. Plus, Nodestream Live includes advanced PTZ (Pan-Tilt-Zoom) camera control, allowing operators to adjust the camera angle and zoom remotely. This provides precise control over the video surveillance area and enhances the flexibility of monitoring operations.
Faenza added, “As a software based solution, the gross margin is expected to be > 80%, approximately double compared to our hardware based solutions. We are currently working with our major customers to execute Enterprise Licence Agreements and while the dollar amount of expected sales for Nodestream Live cannot be quantified at this time, it is expected to be material, and the Company will provide further guidance as we execute material customer contracts.”
In Q3 FY24, Harvest Tech recorded revenue of $745k in the March quarter, an increase of 43.2% on the previous quarter. In the same period, AVRLive Cloud—now Nodestream Live—pilot deployments were conducted through the March quarter with four beta partners.
In May, Harvest Tech undertook some personnel changes. The Chief Financial Officer, Craig Byron, tendered his resignation. Brooke Edwards was promoted effective 1st May to Director of Corporate Services, taking ownership of finance, legal, HR, due diligence and commercial arrangements. Harvest also got Thomas Rose on board as the Group Operations Director.
Its outlook for the upcoming year is to focus on the commercial launch of Nodestream Live and grow its partner ecosystem.
Alinda is a Business Reporter for The Sentiment
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