3D mapper Pointerra surges 120pc after landing driverless car contract
3D mapper Pointerra shares have surged 120 per cent after the company said it had secured two monthly subscriptions for data management in the emerging autonomous car sector.
The contracts are together worth $US16,500 ($23,239) a month.
The shares shot up to 6.2c by 3pm AEST — compared to yesterday’s close of 2.8c.
Pointerra makes cloud-based technology that manages the huge amounts of data contained in 3D files such as maps. It provides super-detailed mapping datasets without the need for high-performance computing.
One of the unnamed clients was described as “one of North America’s leading mobile mapping companies, which provides production mapping software for the Autonomous Driving industry”.
Pointerra (ASX:3DP) says this the first time its data technology has been sold for driverless cars.
“Pointerra has successfully converted a proof of concept trial into an enterprise data-as-a-service agreement with one of North America’s leading mobile mapping companies, which provides production mapping software for the Autonomous Driving industry,” the company told investors.
That deal starts at $US9000 a month and they reckon it could double in the next 12 months.
Others new clients were in the architecture and construction space and surveying including a “global engineering firm” to manage architectural and engineering designs.
It comes weeks after they landed a $7500 a month local utility and a US drone company as customers.
During the September quarter Pointerra said it sent out $175,000 worth of invoices and received $81,000 in receipts.
They burned $114,000 cash in the quarter — considerably less than they could have thanks to a half million dollar government tax rebate.
They have $1.3m in the bank and plan to spend $600,000 this quarter.