XTEK Ltd (ASX:XTE) has completed a placement to sophisticated and professional investors raising $750,000.
Including funds from the recent share purchase plan, the company raised at total of $2 million, at $0.332 per share.
Funds raised from the placement will be used to expand marketing, sales and contract support, for commercialisation of XTatlasTM technology, to continue development and commercialisation of XTclaveTM and to supplement working capital.
The technology geo-references live aerial video onto a digital map to deliver high definition video images in context to the map in real-time.
XTatlas™ further details
XTatlas™ introduces a disruptive game changer capability in the UAS market.
The technology includes an electro-optical aviation payload and associated ground station software that can geo-reference video from the payload onto a background map in the ground station in real time.
This delivers a high definition video image in context to a digital map in real-time and mosaic mapping in near real-time.
Currently, drone / UAS video feeds are incapable of overlaying a video image in context to a map or of producing accurate mapping on the fly.
Therefore, UAS used by Defence and Government intelligence agencies are generally not optimised from a contextual awareness perspective.
The creation of accurate mapping and overlay images from video is usually a post flight process; and is difficult to generate without survey accurate ground control.
XTatlas™ solves this problem by considerably enhancing situational awareness, providing faster target acquisition and ultimately reducing operator fatigue.
It also creates fast, highly accurate Mosaic Mapping.
Commercialisation has commenced, with global demand identified from UAS operators, defence and other government agencies, including police and emergency services.
Technology licences will be achieved initially through existing geospatial and UAS partner distribution networks in Europe and the U.S.
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