Work smarter, not harder. That’s exactly what the Queensland State Revenue Office is going to do going forward as the State increases its smart city capabilities, having engaged tech company SenSen Networks (ASX: SNS) for mobile number plate scanning.
The engagement will be for 3 years and is valued at a minimum of $192,000 to SenSen which will deploy its mobile automatic number plate recognition units.
“We are thrilled to win this contract with the State of Queensland. This contract follows our recent work with forward-thinking cities who use our AI solutions in Queensland including Brisbane, Ipswich, Logan, Cairns, Gold Coast, and Sunshine Coast,” said SenSen CEO, Dr. Subhash Challa.
“The State of Queensland is the first state in Australia to engage with SenSen, and joins SenSen’s international customers which include the cities of Las Vegas, Calgary and Edmonton.”
The contract includes upfront fees as well as recurring revenue from the licensing of SenSen’s software which will see its scanners mounted to vehicles for automated recognition.
These scanners can then be used by traffic infringement personnel for quick identification of vehicles, logging of data and processing data flow onto relevant systems.
While other companies are slowing down their business activity in the month of December, the contract win is the sixth one announced by SenSen in the space of just two weeks. Other deals signed for their AI-powered technology include parking infringement deals in Sunshine Coast and Chicago, casino deals in Melbourne and London and a fuel theft prevention deal signed with EG Group.
This flurry of deals comes shortly after the Company successfully raised $4.2 million from institutional investors in November, which was followed by a Share Purchase Plan in December that raised a further $2.8 million from shareholders at an Offer Price of $0.12 per share.
According to their 2021 Annual Report, in FY21 SenSen Networks generated $3.5m in revenue with a net loss after tax of $2.9m.
As of 30 September 2021, the Company had net cash outflows of $1.7m but still had $2.9m cash in the bank which has since been propped up by $7.0m from the combined capital raises.
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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