SenSen Networks Ltd (ASX:SNS, OTCQB:SNNSF) is looking to accelerate the commercialisation of its SenMap technology with a road condition monitoring contract from Transport for New South Wales.
SenMap — an AI-based platform designed to detect the GPS location of street signs, parking signs, fire hydrants, meters and more — will be trialled over 200 kilometres of road with varying conditions in the state.
Over an initial proof of concept phase that began in April and is expected to end in August, SenSen will earn $145,000, with recurring revenue anticipated thereafter.
Currently in use in Brisbane, Sunshine Coast, Gold Coast, Vancouver, Toronto and Chicago, SenMap has generated more than $150,000 this year.
NSW’s road problem
Flood-related road issues are a significant problem for Australia’s federal, state and local governments.
In January this year, the NSW government pledged $500 million in new funding for local councils to repair hundreds of thousands of potholes.
“We have listened to councils and we understand the pressure they are under from many months of wet weather,” NSW's then-Premier Dominic Perrottet said.
“We recognise potholes are a major hazard right now. This critical funding injection will help every council across the state patch up potholes as well as carry out other emergency repair work.”
Funding for road maintenance is only expected to expand in the future, with a recent report by Business Research Insights predicting the road inspection systems market to grow from US$311 million (A$467 million) in 2022 to US$423.7 million (A$636 million) by 2028.
As the most significant drivers of growth, the report cited accelerating population growth and urbanisation, increased concern for road safety, growing demand for automation, and major investments in research and development that could lead to “lucrative opportunities”.