Some food for thought: if the Titanic was built with artificial intelligence (AI) expertise, would it have met the same fate? Would it have been dubbed the “unsinkable” ship at all?
Simulations, digital twins of ships, better employee training and more are all made possible in the extended reality (XR) realm. This is what software company Vection Technologies (ASX: VR1) specialises in.
Vection has signed a deal to provide its first Extended Reality (XR) solution tailored for naval maintenance management. The contract is with Bi-Rex: Big Data Innovation & Research Excellence, an innovation hub for big data research and technological excellence development, and Scia Service, a European company specialising in naval asset management.
It is valued at $500,000 and is expected to be delivered and recognised as revenue in FY24, except for $50,000, which will be recognised as revenue in the third year as a maintenance fee.
Under the agreement, Vection will use XR and AI for this project. At the core of this approach is the Render Network, a decentralised graphic rendering platform that produces high-definition 3D visuals and simulations essential in Mixed Reality (MR) applications.
Introduced in 2015, Vection’s suite of tech products includes 3D, Virtual Reality (VR), Mixed Reality (MR), Augmented Reality (AR), ICT, and AI. In H1 FY24, the Company saw its marketing efforts bear fruit as its AI-powered 3D kiosks caught customers’ eyes. In the same period, it saw a 38% revenue uptick to $10.9 million, with total contracts valued at $16.7 million.
In particular, the Sports, Betting, Media & Telco sector grew to approximately 43% of the TCV. Defence, Space, Military & Law Enforcement, the next largest sector, was 31%, followed by Real Estate & Furniture at 8%.
It is also making progress in the naval industry. The naval engagement with Bi-Rex and Scia marks Vection’s first engagement with the Render Network. This engagement highlights Vection’s commitment to its emerging portfolio of naval and defence clients and showcases the Company’s blockchain abilities.
Integrating the Render Token, built on the Ethereum blockchain, is a significant step forward in enhancing visual quality and streamlining processes within the network. This development allows for greater visual clarity and precision, eliminating the need for dedicated rendering hardware, reducing costs, and improving scalability.
It also facilitates the rapid development and refinement of Mixed Reality applications, which leads to a better user experience. The project leverages global computing resources for critical high-resolution rendering, significantly reducing costs and improving scalability. This expedites the development of MR applications and, in turn, enhances the user experience.
Blockchain technology further strengthens the project, creating a secure, transparent ledger for recording maintenance activities. This ensures complete traceability of operations, enhancing fleet management efficiency.
Vection expects to deliver the naval maintenance management solution by June 2024. Following the completion of this project, the Company plans to introduce the solution to the broader market to capture more naval clients.
Alinda is a Business Reporter for The Sentiment
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