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- Ava Risk Group’s (AVA) technology division, Future Fibre Technologies, has been awarded a multi-base Air Force contract for its Aura Ai sensing product
- Aura Ai uses artificial intelligence to detect and locate skilled intruders
- Ava will install the sensing technology to 15 major airbases, located within a large Asian country
- Aura Ai will be deployed at the first four sites in the third quarter of the 2021 financial year for US$550,000 (A$700,000)
- The technology will be installed at the remaining 11 sites towards the end of the financial year
- On the market this morning, Ava is up 3.81 per cent and is trading at 61.3 cents per share
Ava Risk Group’s (AVA) technology division, Future Fibre Technologies, has been awarded a multi-base Air Force contract for its Aura Ai sensing product.
Aura Ai uses artificial intelligence to detect and locate intruders that are climbing, cutting or lifting perimeter fences.
The product has successfully been tested at a major airbase located within a large Asian country. Following the success, Aura Ai will be deployed at 15 air force bases.
Aura Ai will be deployed at the first four sites in the third quarter of the 2021 financial year. Ava will receive US$550,000 (A$700,000) for these initial orders.
The technology will be installed at the remaining 11 sites towards the end of the financial year. The purchase cost for this second installation is unknown at this stage.
CEO Rob Broomfield is pleased with the new contract.
“Following a comprehensive evaluation and testing program and a competitive tender and trial process, our strong track record of providing world class security and assurance technologies has been reinforced by this large contract award with a highly respected defence end user,” he said.
Earlier this month, Ava reported its preliminary results for the first half of the 2021 financial year, tabling $35 million in revenue.
The combined revenue from its technology and services divisions was 80 per cent higher than this time last year.
At the end of the December quarter, the company had $13.4 million in cash and equivalents.
On the market this morning, Ava is up 3.81 per cent and is trading at 61.3 cents per share at 10:09 am AEDT.
