Health: New-look ServTech places bet on Italian VR dentistry, shares move
Health & Biotech
Health & Biotech
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The new-look ServTech is pushing its virtual reality technology into dentistry training, being paid $500,000 by a new client for VR dental software.
The company changed its name to Vection (ASX:VR1) after buying a European software development company in February 2019.
The dental deal is with an Italian company called D&D, which Vection says is involved in making dental prostheses.
Vection will start building the software in March and it will be completed this year. It will provide simulation training for a variety of dental procedures such as tooth extractions, and Vection is to provide the hardware for 60 VR workstations.
Vection managing director Gianmarco Biagi is hoping to parlay this deal into a broader push into the VR health training sector, and says the company is in discussion with “multiple parties”.
Vection raised $6m to list in March 2017 as a holding company for a myriad different companies, from mortgage broking in Australia to an outsourcer in the Philippines and a software development business in India.
It wanted to commercialise a real estate-focused software-as-a-service platform called ‘Angel’, but mainly planned to spend the cash on staff, the offer itself, and business running costs.
But as it surged into new sectors, including the legal and petroleum sectors, the stock palled for investors jaundiced by its scattergun approach and repeated need for more money before it had passed its first birthday on the ASX.
Within nine months of listing it was locked into a trading suspension that would last until February 2018, as it tried to sell off a real estate business.
The company popped back into the light in February 2019, with the acquisition of Officine, and by July a number of very positive commenters within online forums were supporting the stock.
They have yet to create much movement in the lightly-traded stock, however.
The share price has moved in a tight band of 1c to 2c since November 2017, although peaking at 2.7c two weeks ago.
Today it moved from 2.1c to 2.4c on the dental news.
Vection is yet to release its December quarterly report, but in the prior quarter took $922,000 in cash receipts. Its cash burn was slightly less than the $404,000 it had left in the bank.
The company has been contacted for comment on whether it is planning a capital raising.
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