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SenSen Networks secures new funding and wins $2 million contract

The company's video analysis software can monitor for people not abiding by parking rules.
camera lense
Casinos can use it to count customers and the size of bets being played

SenSen Networks Ltd (ASX:SNS) has received binding applications to raise $5 million through the issue of 34.48 million shares priced at 14.5 cents.

The placement was oversubscribed and supported by a large number of domestic institutions and existing sophisticated investor shareholders.

New funding to expand business

Funding will be used for business development and marketing activity including the hiring of new staff to grow SenSen’s global footprint.

These new staff will engage with SenSen’s target city councils and casinos customer list to drive new high-value contracts.

Funding will also be used for upfront and ongoing project development costs as well as to facilitate the faster deployment of higher revenue contracts.

SenSen listed on the ASX in October 2017

SenSen’s CEO Subhash Challa said: “The company has executed on the business plan outlined prior to the IPO in late 2017, and the exceptional investor demand generated through this placement represents an endorsement of SenSen’s future growth strategy.

“These new funds will empower the company to aggressively drive revenue in its target markets, not just for 2019, but for longer-term growth in 2020 and 2021.”

$2 million contract with City of Edmonton

SenSen has also secured a C$1.94 million (~A$2.01 million) multi-year contract with the City of Edmonton, Canada.

Commencing in late May 2018, the contract covers Edmonton’s purchase of five SenFORCE mobile parking enforcement units and 19 fixed systems for four Council car parks.

The City of Edmonton contract is the latest addition to a growing list of international government contracts won by SenSen to provide world-leading Intelligent Transport Systems (ITS) solutions.

SenSen has now deployed proven, patented, world-leading Smart City-related solutions in Australia, Canada, Singapore, Europe, India and UAE.

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