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SenSen Networks Ltd

SenSen Networks posts steady growth in March quarter

The company has announced a value-added re-seller agreement with eConnect to market its SenGAME software solution to eConnect’s customer base.

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SenSen provides video analytics and artificial intelligence data to customers

SenSen Networks Ltd (ASX:SNS) earned more than $588,000 in revenue and $602,000 in cash receipts during the March 2019 quarter with contributions from its Smart Cities and Retail and Leisure business verticals.

Strategic operational efficiency and cost structure initiatives amounted to more than $100,000 in savings per month and the company had $3.18 million cash on hand at the end of the March quarter.

Throughout the quarter SenSen ticked off several milestones including launching Gemineye, the world's first AI-powered smartphone app, signing a distribution agreement with smart city and environmental company EVF and winning a multi-year contract with Cairns Regional Council to supply SenFORCE, its fully automated parking enforcement solution.

READ: SenSen Networks wins contract with Cairns Regional Council 

In March the company launched Gemineye offering governments, councils and cities worldwide an affordable, highly accurate, cloud-based smart city platform.

The app is designed to power the future of small cities by making operations related to civic compliance, assess management, traffic data collection, security and surveillance more affordable and versatile.

It does so by utilising SenSen's proprietary AI-powered process automation software which can pull information from video and sensors within the smartphone to turn labour-intensive small city operations into automated processes.

By making this cutting-edge technology available through a smartphone app, SenSen is helping governments and councils significantly reduce capital expenditure and the costs of maintaining expensive smart city infrastructure.

READ: SenSen Networks posts steady growth in December quarter ahead of global expansion

Gemineye also offers scope to reduce labour costs as its AI technology can notify authorities when operator defined situations arise, rather than having to review reams of footage manually to identify incidents of interest.

Early trials with Gemineye by one of the largest city councils in Australia identified more than 1,000 illegal dumping incidents in just one location over a six-month period.

In April the company started trials of Gemineye in Thailand as part of a distribution agreement with Thailand smart city and environmental services company EVF.

The two companies are collaborating in Thailand on two separate trials in Bangkok for the Bangkok Metropolitan Administration and the Royal Thailand Police with the former trial underway.

Technology to analyse Thai motor vehicles

The distribution agreement allows for EVF to implement SenSen’s software in its clients’ operations throughout Thailand and provides for SenSen to earn project revenues with EVF with a combination of upfront systems sales, software licensing and commissioning.

The two initial trials in Bangkok will utilise the Gemineye technology to analyse Thai motor vehicle and motorcycle licence plates to detect illegal driving on footpaths and enforce regulation to minimise accidents and fatalities.

This month SenSen secured a deal to supply its fully automated parking enforcement solution to Cairns Regional Council in conjunction with its distribution partner Duncan Solutions.

The contract will begin in early June 2019 and covers the council’s purchase of a SenFORCE mobile parking until with upfront revenue for the systems, software and commissioning as well as fees for the year one software licence and maintenance services.

SenSen will also earn annual recurring revenues under the three-year term of the contract.

Quick facts: SenSen Networks Ltd

Price: $0.12

Market: ASX
Market Cap: $27.36 m
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