SenSen Networks Ltd (ASX:SNS) (OTCMKTS:SNNSF) achieved an important milestone last month of listing on the OTCQB venture market, which will enable US investors to easily participate in the company’s growth story.
Executive chairman and CEO Dr Subhash Challa said: “This timing coincided with strong contract wins with the City of Las Vegas and emerging opportunities with City of Chicago and others in the US.
“This is the first of many steps we are taking on our journey to NASDAQ, our ultimate objective.”
The company’s plans to accelerate growth include new direct client acquisitions, engaging distribution channels to accelerate sales momentum, new product configurations to meet the challenges of emerging client requirements and additional orders from existing clients.
North American clients
Dr Challa said that in new geographies, the company has to acquire customers directly for the first time and create a reference base in order to attract distribution partners to represent SenSen products and solutions.
He said: “In FY2017 and FY2018 we locked in multi-year contracts for our parking enforcement solutions from the cities of Calgary and Edmonton in Canada.
“We not only consolidated our position with these cities but also continued to receive orders for additional software and services from them.”
This formed the foundation for SenSen’s growth plans in the USA where the company first signed with Chicago Parking Meters (CPM) on a proof-of-concept trial in October 2019 - which has now been completed.
Dr Challa said: “We are continuing our discussions with CPM for production roll-out of our technologies.
“We then went on to win a multi-year, multi-million-dollar contract with City of Las Vegas in April 2020.
“With successful roll-out of our solutions in three major cities in North America and successful trials in another city behind us, we are now exploring sales distribution opportunities in the region.”
The company's SenDISA platform is a multi-camera, multi-sensor data fusion software platform that can be reconfigured on demand to meet a multitude of customer use case requirements
Singapore distribution channels
In Singapore, the company works closely with ATT Systems and has been able to expand its software from 300 cameras to more than 560 cameras delivering illegal parking enforcement solutions to the Land Transport Authority (LTA).
In collaboration with ST Electronics, SenSen has also developed and delivered AI-based false alarm reduction solutions to LTA’s traffic management operations.
Beaqon Systems continues to place new orders with SenSen for maintenance and supports the solution deployed at the Changi International Airport.
Additionally, distributor D-Ron has introduced SenSen to new opportunities and facilitated POC trails with multiple system integrators and end users.
Working with Duncan Solutions Australia, SenSen has acquired several new council customers including Gold Coast, Cairns, Tweeds Head, Geelong, Port Stevens and Kosciusko National Park; and is currently involved in multiple POC trials with councils and government customers within the parking sector.
In collaboration with Smarter City Solutions (SCS), SenSen was successful in acquiring Hills Shire City Council where the roll-out is planned to be completed before December 2020.
New Zealand channels
ITS Global Parking Solutions NZ has integrated the company’s Gemineye solution into its e-view enforcement app and the company has signed a distribution agreement with ImperiumIQ targeting a number of private car-park operators.
D Challa said: “ImperiumIQ has been successful in acquiring its first customer in NZ and is expected to win more business for SenSen in the ANZ region in the near term.”
Dr Challa said: “We have established three distribution partners in the region for solutions in road safety, parking, traffic analytics and public safety.
“Multiple POC trials are underway with Dubai RTA and Abu Dhabi Police and we expect to start building revenue momentum in the region post COVID-19.”
New platform configurations
The company introduced Gemineye, a Smart City smartphone app, to disrupt the price-performance parameters associated with monitoring cities and improving productivity and safety for citizens.
After POC trials by several customers and partners, over 100 licences have been taken up as Software as a Service (SaaS) in the last six months by customers including City of Las Vegas (USA), Nelson City Council (NZ) and a number of car parks in the ANZ region.
Dr Challa said: “Further trials are underway in Dubai and Singapore for unique and varied Smart City applications which are expected to further accelerate additional sales.”
SenSen has also developed a new product line to address false alarms which lead to significant loss of productivity across a range of applications including incident detection, tolling and traffic management.
It is currently implemented in Singapore by the Land Transport Authority (LTA) reducing false alarms by over 95% on 700+ cameras currently used by LTA to monitor roads and tunnels.
The company has also made further developments to reduce the cost of adoption of its SenGAME technology by Casinos.
Australian autonomous vehicles
SenSen signed an MOU with Australian company ACE Electric Vehicles Group to collaborate on developing autonomous driving capabilities, launching the company into building solutions in the rapidly growing field of autonomous vehicles.
SenSen will customise its SenDISA platform to deliver autonomous driving capabilities to ACE electric vehicles.
Dr Challa said: “SenSen’s proven track record and prior experience in solving complex problems of object detection, tracking and data fusion for Smart City applications will provide significant advantages to accelerate progress in this endeavour.”