Pointerra secures US drone company PrecisionHawk as client for its 3D data cloud platform

Pointerra ASX 3DP US drone company PrecisionHawk 3D data cloud platform
Pointerra’s technology allows very large 3D datasets to be viewed without the need for high-performance computing.

Pointerra (ASX: 3DP) has collared another customer for its 3D data cloud software platform with US-based PrecisionHawk agreeing to subscribe to Pointerra’s data as a service (DaaS) 3D cloud technology offering, and both companies also agreeing to a software platform licensing partnership.

According to Pointerra, its technology allows very large 3D datasets to be viewed without the need for high-performance computing.

Pointerra’s technology works by storing and processing 3D data in the cloud, providing instant, on-demand access on any device, at anytime and anywhere in the world.

Although based in North Carolina, PrecisionHawk has offices worldwide and has raised more than US$100 million in venture capital funding over the past seven years.

The company provides drone-based inspection services to numerous industries including agriculture, construction, government, energy and insurance.

Under the agreement, PrecisionHawk will be using Pointerra’s 3D data cloud platform to support its operations.

PrecisionHawk will white-label Pointerra’s 3D data cloud through its PrecisionMapper mapping and analytics platform and offer its own clients an enhanced 3D data management, inspection and analytics tools.

Pointerra’s subscription revenue from the DaaS agreement will amount to about US$5,000 a month.

However, Pointerra anticipates this will “accelerate rapidly” early next year as PrecisionHawk’s PrecisionMapper, with Pointerra’s integrated 3D platform, is rolled out across PrecisionHawk’s global customer base.

Additionally, Pointerra anticipates further sales as the year comes to an end and will begin report recurring DaaS subscriptions on an annual contract value basis after it releases its second quarter of the 2019 financial year Appendix 4C in January.

This latest contract follows the company’s reported sales agreements across three different US sectors at the end of last month, including one of the US’ leading mobile mapping companies.

For the first time, Pointerra deployed its proprietary technology to support 3D mapping in the autonomous driving sector.

The new mobile mapping client has agreed to subscribe to Pointerra’s 3D data cloud as a DaaS contract valued at US$9,000 a month.

Lorna has more than 10 years' experience as a finance journalist and editor. She has written for numerous industry publications reporting on various sectors, including: resources, energy, construction, biotech, pharma, science and technology, agriculture, and chemicals. Specialising in resources, Lorna has also covered a myriad of small and large cap ASX and dual-listed stocks.