Category Specific RSS

Categories: News

Italian Hospital to commence 3-month trial of Vection’s augmented reality

Technology we’ve really only seen in the Ironman movies could soon become a reality with Vection Technologies (ASX: VR1) set to have it’s augmented reality technology trialed by a hospital in Italy. 

The trial will focus on two augmented reality healthcare solutions developed by Vection. The first will enable surgeons to view data fields from endoscopic equipment through a wearable AR device, whilst the second will enable administrators to view medical records through a wearable device. 

“This initial trial represents the culmination of a lengthy regulatory process with key public stakeholders enabling Vection Technologies to affirm itself at the forefront of the digital healthcare transformation, introducing augmented reality as a new standard in healthcare risk management,” said Vection Managing Director, Gianmarco Biagi.

“This agreement represents a key commercial milestone setting the foundations for long-term growth, providing for a strong opportunity for recurring revenue growth during the second half of FY21 and into FY22.” 

This hospital-based trial will take place at AORN S.G. Moscati hospital while a concurrent trial will also be undertaken at  Luiss Libera Università Internazionale degli Studi Sociali Guido Carli (LUISS Business School) as part of their Model for Risk Management in Healthcare. 

While none of the AR will directly impact surgical procedures, the trials open up opportunities for healthcare practices to be significantly improved in a sector which still has a strong reliance on hand-written notes, filing, and storage – all time consuming processes with risk management flaws. 

If the trials are successful, Vection views Italy as a prime market to increase their testing where there is an addressable market of approximately 1,000 hospitals seeking to advance their electronic medical records system. 

No material details of the trials were released to the market but they affirm Vection’s 6-month objective to apply their existing AR and VR technology to the healthcare industry. 

The trials continue a very active 12 months for Vection, which has focused on applying their VR technology to various industries that delivered a 131% increase in revenue to $3.1m for FY20, driven by new subscription revenue partnerships. 

Following news of these new AR trials, VR1 shares opened this morning at $0.09 – a rise of 32% on their previous $0.068 close.

Alfred Chan

Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.

Recent Posts

Stakk Secures T-Mobile Contract to Power Super App Expansion

Australian fintech Stakk (ASX:SKK) has signed a three-year agreement with U.S. telecommunications giant T-Mobile USA,…

4 days ago

Medibank Backs Emyria with Landmark Depression Care Deal

Australia’s mental health burden is growing – and one of the toughest challenges is treatment-resistant…

2 weeks ago

NoviqTech Launches Quantum Intelligence Products, Opening Path to Enterprise-Grade Quantum AI

NoviqTech Limited (ASX:NVQ) has taken a decisive step into the quantum computing market, unveiling the…

2 weeks ago

BRE Wins Final Permit to Advance Rare Earth Pilot Plant in Brazil

Brazilian Rare Earths Limited (ASX:BRE) has cleared its last regulatory hurdle to begin pilot operations…

1 month ago

Harris Technology eyes profitability as refurbished tech sales surge

In an era of rising living costs and shifting consumer priorities, one Australian company is…

1 month ago

QIC Fund Backs Ark Mines with $4.5m to Accelerate Sandy Mitchell Development

Queensland’s push to strengthen its critical minerals supply chain has taken another step forward, with…

1 month ago