Tech: dorsaVi becomes latest small cap to post 10x surge on new deal with QBE

Motion detection company dorsaVi (ASX:DVL) has announced a tie-up with major insurer QBE Insurance (ASX:QBE), as part of an initiative to improve worker safety.

Under the terms of the deal, dorsaVi will provide its ViSafe motion sensor technology to employees of QBE customers, to provide data insights on body movements in the workplace.

dorsaVi said QBE had allocated $250,000 over an initial 12-month period to enable its customers to access the technology.

That was enough to send DVL shares more than 1,000 per cent higher in morning trade — from less than 2c to more than 16c — before easing back into midday trade.

The move marks the third straight intraday price rally of more than 1,000 per cent among ASX small caps this week, following similar rallies for Etherstack (ASX:ESK) and Alterity Therapeutics (ASX:ATH).

As at 11am AEST, the company hadn’t advised of any price queries from the ASX in response to the surge.

QBE executive Rob Kosova said the company had been working for the past couple of years on how best to utilise new technologies to reduce the risk of workplace injuries.

“Safe Work Australia puts the total cost of workplace injury and disease at around 4 per cent of GDP and over one third of these are due to body stressing or manual handling,” Kosova said.

“Partnering with dorsaVi is one way we can assist more customers prevent these injuries from happening.”

dorsaVi said its sensors would be worn by employees in the workplace to provide real-time analysis of body movements and muscle activity, to “quantify movement risk” and assist in the implementation of risk-mitigation strategies.

Stockhead has contacted the company for comment to provide further details around what type of industries the technology will be deployed in.

In other ASX tech news today:

Internet of Things (IoT) company Sensera Limited (ASX:SE1) also rose sharply on the back of a trading update, where it said FY20 revenue should come in at $US11.7m after Q4 numbers met expectations. The company also cited improved margins and said cash at bank rose from $US300,000 to $US1.3m as at June 30.

Sensera also said it had booked $2m in new orders for the delivery of sensor devices that can be used by medical companies in the detection of COVID-19. The technology “is still in preproduction”, and Sensera will provide updates on its transition to full production during FY21, the company said.