The Sunshine Coast has become the latest Australian city to commence transition towards smart city technology for management of public infrastructure with the council engaging tech company SenSen Networks (ASX: SNS) for artificial intelligence parking enforcement.
Commencing from January 2022, SenSen will deploy one mobile parking enforcement to the Sunshine Coast that can record parking activity and issue infringement notices. The initial term is for three years with the contract valued at $280,000 to SenSen which will include deployment and ongoing maintenance.
“We are excited to add the Sunshine Coast Regional Council to the growing number of Queensland council customers who use SenSen’s patented AI sensor systems to keep roads safe and congestion free,” said SenSen CEO, Subhash Challa.
Utilising their cloud-based smart camera capability, SenSen has an established presence in the United States where cities are more progressive but it is only recently that Australian counterparts have shown similar demand.
It has been a busy few months for SenSen on domestic shores having in October 2021 been engaged by the National Heavy Vehicle Regulator to deliver AI solutions using drones and solar powered trailers for monitoring heavy vehicle compliance. That deal secured SenSen $387k and annual recurring revenues of $165k over the 3-year term.
It was then followed up in November by a contract from the Brisbane City Council for Environment Mapping Technology which solves the ‘Urban Canyoning’ problem of large cities in which GPS signals falter in the presence of high-rise buildings. That deal utilises the same technology that SenSen is rolling out in Chicago which allows users to accurately determine GPS positions of vehicles in built up areas such as cities.
This unique technology has been developed by SenSen over the past two years at a cost of around $1 million including the lodgment of an international patent.
SenSen recently raised $4.2 million via an institutional Placement at an Offer Price of $0.12 per share to accelerate their planned growth initiatives. These include increasing their smart city presence from 35 to 100+ within three years while also targeting the casinos industry where their Sensor AI technology is currently only utilised by Crown Casino and Solaire Resort & Casino.
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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