Artificial intelligence company SenSen Networks (ASX: SNS) is poised to play a key role in the City of Las Vegas’ plans to become a smart city by 2025 having won a $2.5 million contract to provide the city with AI smart city software, SenSen’s first in the United States.
The contract will see SenSen rollout their proprietary AI and video analytics software with 80 units of their cornerstone product Gemineye, a smartphone-based app to be deployed in the city enabling law enforcement officials to capture civic compliance data without the need for bulky equipment. It will be the largest commercial implementation of Gemineye by a single customer since the product’s launch a year ago, with officials to mount smartphones running the app to patrol units, Segways and smart scooters.
“SenSen is extremely proud to be working with the City of Las Vegas. Las Vegas is a flagship US city and SenSen is excited to be providing its world-leading AI and video analytics expertise in improving the amenity of the City’s citizens by helping reduce traffic congestion and efficiently manage its parking,” said Sensen CEO Dr Subhash Challa.
“Shareholders should also note the multi-year SaaS nature of this contract revenue. SenSen expects its operations will continue to grow in the US as more cities seek Smart City intelligent transportation solutions.”
With more than 42 million visitors annually, the City of Las Vegas is a commercial and cultural centre in the United States where the City is undergoing the ‘Innovate Vegas’ program to transform into a smart city by 2025.
This will include AI-powered transportation systems, energy consumption and law enforcement through open-source data sharing and real time analytics.
Whilst this contract is the first secured with a major City, it continues SenSen’s strategy of penetrating the lucrative U.S market. The Company is currently collaborating with Chicago Parking Meters to improve parking space management in Chicago.
Following news of their maiden City contract in the United States, SNS shares surged to an intraday high of $0.094, a 32.4% rise on their previous day’s close of $0.07.
Alfred Chan is an Analyst at Emerald Financial, specialising in ASX-listed small cap companies.
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