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SenSen Networks advances pipeline of emerging technology applications after achieving record-breaking revenue

Published: 00:44 22 Sep 2021 EDT

SenSen Networks Ltd - SenSen Networks advances pipeline of emerging technology applications after achieving record-breaking revenue

SenSen Networks Ltd (ASX:SNS, OTCQB:SNNSF) has made its mark in four business verticals – Smart Cities, Casinos, Retail, Smart Surveillance – and have a pipeline of emerging technology applications in many new sectors.

The company achieved record-breaking revenues for the financial year 2021 of $5,532,537 with a 47% growth year-on-year proforma basis.

SenSen has delivered an annual recurring revenue (ARR) of $2,673,821 with continued ARR growth of 33% proforma.

The company’s solutions are built on its intellectual property that is protected by a significant and growing patent vault.

SenSen currently has a patent portfolio covering eight patent families, four of them are granted and the remaining are patent pending. More patents are planned for submission in the near term.

FY2021 highlights

At the start of the 2021 financial year, SenSen achieved an important milestone of listing on the OTCQB (SNNSF) venture market in the USA, to simplify US investors participation in the SenSen growth story.  

In alignment with its active growth strategy, SenSen acquired the Snap Network Surveillance business, a world leader in AI-powered multi-camera tracking software.

This strategic acquisition enabled SenSen to bring in-house all intellectual property including patents, trademarks, and know-how to launch a ground-breaking new capability to autonomously track people and objects across large scale camera networks.

This has now become an integral part of SenSen’s proprietary platform SenDISA.

Well-funded to enhance delivery capabilities

SenSen successfully raised $7.15 million in January 2021 with strong demand from institutional and sophisticated investors.

The funds are being invested to accelerate revenue and enhance SenSen’s delivery capabilities to global customers, especially in the US.

Since the capital raise, SenSen has established its North American headquarters in Las Vegas with strong support and subsidies from the government of Nevada and has made key hires to support sales growth in the region.

Scancam acquisition

Towards the end of the last quarter, SenSen entered into an acquisition agreement with Scancam Industries Pty Ltd – specialists in the retail sector, specifically fuel theft.

This acquisition, which was completed in the first quarter of the new financial year, significantly unlocks future revenue in SenSen’s platform via organic and targeted growth in the Australian fuel retailer market growing from 250 customers to 1,000 in the next three years; there are a total of 6,500 service stations in Australia alone.

Simultaneously SenSen’s dedicated sales team is already looking to secure clients from the broader retail market with the view to secure customers in this adjacent market both in Australia and overseas.

Looking forward

The company has rebranded and changed its web presence to www.sensen.ai to better reflect its vision and capabilities to deliver sophisticated AI-driven, data-fusion solutions.

SenSen is on track with its plans to scale rapidly across all business verticals is looking to build growth momentum by:

  • Investing – developing its marketing and sales channels to support accelerated growth into the Smart Cities, Retail, Smart Surveillance and Casino markets and enabling the company’s product team to create robust, scalable products.
  • Expanding – establishing a foothold in all current and adjacent market verticals, including:
    • Growing the use of SenSen’s Smart Surveillance analytics software from 10,000+ cameras to 100,000+ cameras in 2-3 years
    • Growing SenSen’s Casino Gaming solutions to 30+ Casinos in 2-3 years
    • Grow SenSen’s Fuel Theft solutions offering from 250+ to 1000+ in 2-3 years. The long-term focus is to implement this solution in the broader retail market and grow to 1000+ stores in 2- 3 years
    • Growing SenSen’s Smart Cities Solutions, including road safety, traffic analytics, kerbside and parking management solutions, from 35+ Cities to 100+ Cities in 2-3 years
  • Opening - unlock future revenue in SenSen’s patented platform by building the application developer ecosystem to increase customer base and associated revenues via third-party developers.

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