Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Virtual and augmented reality company ServTech announced today it has already secured $1 million in contracted work for this financial year
  • The company is a pure play business, using the FrameS software to help design products such as Lamborghini cars while also assisting workplace training for other companies
  • The latest in contracted work for the company comes from car makers Volvo, machinery company Innse Berardi and logistics company Alfacod
  • Most recently, ServTech signed off for pouring $180,00 into an instore venture using augmented reality to help customers make clothing and furniture purchases

Virtual and augmented reality company ServTech has kicked off FY2020 with a strong start, achieving a massive milestone only two months in.

In today’s media release, ServTech announced it has achieved $1 million in contracted work so far for FY20.

Three of the biggest clients providing this contracted work for the company include car makers Volvo, machinery company Innse Berardi and logistics company Alfacod.

What does ServTech do?

The company became an AR and VR pure play focused business after buying Italian software developers Vection early last year. It didn’t take long, under ServTech, for Vection to start landing deals with Fendi Home, Lamborghini and Volvo.

Vection’s software, FrameS, provides AR and VR solutions when it comes to design and workplace training.

Today, ServTech is wheeling and dealing across eight industries and three continents.

These includes real estate, automotive, gaming, logistics, furniture, industrial machinery, consumer electronics and general software development.

“ServTech’s objective is to establish itself as the virtual reality and augmented reality leader in industrial applications across diverse subsets of industries and market segments,” Managing Director Gianmarco Biagi said.

With deals already inked for super cars and designer yachts, the company now has its sights on fashion, pharmaceutical, veterinary and medical applications of FrameS.

These industries elsewhere around the world have already garnered strong exposure for using applications of virtual and augmented reality software.

For example, high fashion company Gucci uses a Belarusian-made phone app to overlay graphics of its sneakers over your feet before buying a pair.

Early this month Vection, developers of FrameS, announced $180,000 in funding for its latest venture.

This investment is for developing the company’s ‘In-store Fashion Configurator’ with talks of deployment for over 200 locations worldwide.

The configurator will utilise the company’s AR technology to help buyers choose furniture and clothing when sizing up their options.

Luxury goods and designer cars are a big part of the company’s business, as today it sources half of its revenue from European clients alone.

The company also pledged today to tighten its grip over Europe with more commercial partners and distribution deals in the future

Most recently, the company signed major distribution deals with Europe’s FourBytes and Gruppo Infor.

These deals paved the way for the company to put its FrameS software in industrial machinery and home electronic manufacturing.

“We are pleased to have commenced the financial year building a strong sales momentum, underpinned by a solid pipeline of ongoing negotiations across key clients in strategic industries,” Gianmarco added.

From January to July this year, Vection’s software solutions were contracted in 150 per cent more work compared to the corresponding period in 2018 – showing massive growth.

“We are looking forward to keeping the market updated on further progress on the company and its operations,” Gianmarco concluded.

Share prices in ServTech are currently still at 1.7 cents apiece. The company’s market cap is valued for $11.17 million today.

SVT by the numbers
More From The Market Herald
Appen (ASX:APX)-CEO, Mark Brayan (left)

" Appen (ASX:APX) feels ad-related impacts and buys Quadrant

Appen (ASX:APX) reports half-year results and plans to buy location data provider Quadrant for US$25 million…

" Appen (ASX:APX) downgrades earnings guidance as growth stutters

Machine learning and AI specialist Appen (ASX:APX) has downgraded its 2020 earnings guidance due to the…
Appen (ASX:APX) - CEO, Mark Brayan

" Appen (ASX:APX) invests in synthetic data business Mindtech

Appen (APX) has invested £2 million (A$3.6 million) in synthetic data company, Mindtech Global.
Adveritas (ASX:AV1) - CEO, Matthew Ratty

" Adveritas (ASX:AV1) achieves first TrafficGuard sale through Google Cloud Marketplace

Software company Adveritas (ASX:AV1) has made the first sale of TrafficGuard through the Google Cloud Marketplace.