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SenSen Networks well-funded to pursue growth strategy for 2021

Snapshot

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.

SenSen Networks Ltd - Sensen Networks well-funded to pursue growth strategy for 2021

Quick facts: SenSen Networks Ltd

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ASX:SNS

Price: 0.125 AUD

Market Cap: $69.68 m

SenSen Networks Ltd (ASX:SNS) (OTCMKTS:SNNSF) is well-funded to pursue its growth acceleration strategy after a successful A$7.15 million placement earlier this month.

The company’s strategic business plan for 2021 is to accelerate revenue and enhance delivery capabilities to its global customers, especially in the US.

Funds raised will allow SenSen to extend its cost of goods sold (COGS) inventory for rapid project deployment as well as provide additional funds for ongoing research & development and technology development to maintain and enhance a leading position in its business segments.

OTCQB listing

In September last year the company achieved an important milestone of listing on the OTCQB venture market, which will enable US investors to easily participate in the company’s growth story.

The timing of the listing 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 the company plans to take on its journey to its ultimate objective – listing on the NASDAQ.

Snap Network Surveillance acquisition

In November last year, the company acquired the business and business assets of Snap Network Surveillance, a world leader in AI-powered multi-camera tracking software, for consideration of A$1 million.

By combining Snap’s AI-powered multi-camera networked tracking technology with SenSen’s automated multi-object tracking technology within individual camera views, SenSen plans to release a ground-breaking new product - SenTRACK - which will have the revolutionary new capability to automatically detect and track people throughout a large-scale video surveillance network.

This is expected to deliver significant new business insights to SenSen’s current and prospective customers.

SenTRACK will also deliver high accuracy people occupancy metrics within buildings, which is a key work-place health and safety requirement for all businesses in the post-COVID-19 world, simply by tapping into the existing CCTV networks.

US Growth strategy

In FY2017 and FY2018 SenSen locked in multi-year contracts for its parking enforcement solutions from the cities of Calgary and Edmonton in Canada and has 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.

The company then went on to win a multi-year, multi-million-dollar contract with City of Las Vegas in April 2020 and is exploring further sales distribution opportunities in the US.

Technology trials in process - the company usually converts over 90% of trials into commercial contracts.

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.

Australian integrations

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 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.

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.

UAE partnerships

Notably, SenSen 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 the company expects to start building revenue momentum in the region post COVID-19.

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.

The company will customise its SenDISA platform to deliver autonomous driving capabilities to ACE electric vehicles.

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SenSen Networks records highest cash receipts since listing on ASX

SenSen Networks Ltd (ASX:SNS, OTCQB:SNNSF)'s CEO Dr Subhash Challa tells Proactive the company ended the June quarter with A$1.6 million in cash receipts - the best result since its listed on the ASX. Looking ahead, SenSen has updated its revenue guidance for FY22. It expects to bring in more...

on 2/8/21

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