Robo parking cop Sen Sen doubles after backdoor ASX listing
Robo-parking cop provider SenSen Networks has surged in its ASX debut, up 100 per cent in intra-day trade.
The video data provider, which floated via a back-door listing through Orpheus Energy (ASX:OEG), hit 20c in its Wednesday debut — double its offer price of 10c.
The shares closed at 18c on Wednesday — and rose another 1c in early Thursday trade.
(Sen Sen will officially change to ASX code SNS from Friday).
SenSen develops car-mounted “smart sensors” that can automatically read number plates at normal driving speeds. They can also be installed at fixed locations to catch offenders in school zones or clearways.
Described as intelligent transportation systems, the number plate images are delivered to authorities in real time along with their location and time.
Founder Subhash Challa says the technology allows traffic enforcement in areas that would usually require traditional chalk marking.
SenSen even says the sensors increase occupational health for parking inspectors, cutting down time spent pounding the pavement and lowering the risk of abuse from disgruntled drivers.
SenSen raised $6.5 million earlier this year, to expand their international customer base, which already includes NSW’s Road and Maritime Services, Crown Casino and Abu Dhabi Airport.
In the last financial year the company posted a $1.2 million profit.
As well as smart transport systems, the company uses their cameras alongside artificial intelligence algorithms to target casinos to provide data on table occupancy, hands per hour, bet type and value.
The technology is the brainchild of Subhash Challa, a former professor of computer systems at the University of Technology Sydney, who started the company in 2005.