Australian cities to be mapped with stunning new 3D technology
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Aussie company Nearmap has introduced a stunning 3D mapping technology that offers a mesmerising fly-through of US — and soon Australian — cities.
The aerial photography provider’s new “HyperCamera2” captures tops, sides and oblique angles of buildings and other objects as it flies through locations.
The video below shows a Nearmap 3D Fly-through of Austin, Texas, rendered from Nearmap oblique imagery.
It’s been 12 years since Google Earth first mesmerised the world with easily accessible, high-resolution online maps.
Today the technology has become a standard tool for all kinds of applications from local government emergency response planning to food trucks planning their daily routes around a city.
But Sydney-based Nearmap (ASX:NEA) has differentiated itself from Google and other satellite imagery provider with aerial photography that provides better detail, more frequent updates and 3D textures that allow users to view different elevations and lines-of-sight.
“Soon users can immerse themselves in 3D-textured mesh models, improving analysis and design activities,” says Nearmap’s managing director and CEO Dr Rob Newman.
The features would be important for industries including airport or utility planning, determining locations for cranes ahead of construction or for modelling of wireless telecommunication networks.
“3D brings a whole new aspect of mapping reality to both commercial and government organisations,” he said.
“This new service will help industries design, estimate, communicate and execute their plans – everything from major construction projects to solar installations on home and businesses.”
Mapping Australia and the US
This year, Nearmap expects to survey Australia’s five biggest metro cities – Sydney, Melbourne, Brisbane, Perth and Adelaide.
The company is currently shooting oblique imagery (aerial photography captured at a 45-degree angle to the ground) in the US.
By the end of the year, Nearmap hopes to finish surveying the biggest US urban areas, covering more than half the country’s population (about 150 million people).
So far, Nearmap has surveyed aerial maps of Las Vegas, Indianapolis, Austin, Omaha, Phoenix, Seattle, Denver, Kansas City, Chicago and New York.
Strong growth in key markets
FY2017 has been a good period for the company on the back of strong growth in the US and Australia.
Annual contract value (the value of all active subscription contracts) was expected to be $40 million in the US and $7 million in Australia by June 30.
This represents 16 per cent growth in Australia and 350 per cent growth in the US compared to the previous corresponding period.
Nearmap expects EBITDA for FY2017 to be in the range of $5.8 million to $6.2 million, compared to the previous corresponding period’s $0.6 million.
Since falling as low as 43c in March, NEA’s shares rebounded in June and July to sit at 74c (July 28). NEA hit a 52-week high of 96c in October.
The company was worth $287 million on July 28.
NEA will release its FY2017 audited results on August 23.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.