Smart cities solutions provider SenSen Networks (ASX: SNS) has been awarded a $1.24 million Software as a Service (SaaS) contract with the Singapore government to deter illegal parking and prevent traffic congestion in the city’s central business district.
The five-year contract will employ SenSen’s artificial intelligence and video analytics software for a closed-circuit television and enforcement system to combat curbside parking at 70 “enforcement zones” across the CBD.
Offending vehicles will be captured on cameras powered by SenSen’s Gemineye technology and installed on street lamp posts, mounting poles and commuter infrastructure such as bus shelters and pedestrian overhead bridges.
The Singapore contract was awarded to SenSen and its Asian systems integration partner ATT Systems Group, known regionally for delivering intelligent customised systems for government and commercial clients.
The deal will boost the total number of SenSen-operated cameras in the region to 591.
When the contract starts later this month, SenSen will be granted an upfront payment of $160,000 with the remaining funds paid in equal quarterly instalments over between now and 2025.
Making a difference
SenSen chief executive officer Subhash Challa said the Singapore deal will give the company an opportunity to make a difference to the city’s growing traffic problems.
“We have been providing AI and video analytics expertise [to customers] in Singapore for many years so this is a great outcome for us,” he said.
“Of particular importance is the complete SaaS nature of this contract revenue and the high gross margin and recurring profile of the earnings.”
Mr Challa said there has also been “strong interest” from other international cities in leveraging SenSen’s technology to better manage their parking enforcement and curb access issues.
“We are well-placed to assist with monitoring and enforcing parking compliance in under-regulated and emerging commercial areas due to our [software’s] ability to distinguish between different parking rules, vehicle types, duration, days and times, and parking charges,” he said.
“Our Gemineye technology has been developed specifically to manage curb space for last-mile transport modes such as scooters and electric bikes, as well as providing cities with data analytics for improved planning and enforcement.”