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- Singular Health Group (SHG) forms a 50/50 joint venture with TerraCentric under the name GeoVR to commercialise its GeoVR technology
- The joint venture will see each company make an initial cash contribution of up to $50,000 to fund further development and marketing
- The news follows the completion of a pilot project with FlowCentric Technologies, which saw the company receive interest from a potential client in South Africa
- Singular Health Group was up 14 per cent, trading at 32.5 cents at 12:40 pm AEDT
Singular Health Group (SHG) has formed a 50/50 joint venture with TerraCentric under the name GeoVR.
The joint venture has been formed with the sole objective of commercialising the GeoVR technology, which allows for mineral exploration and production data to be visualised in a fully interactive 3D environment.
The joint venture will see two members from each party join the GeoVR board of directors, with each company making an initial cash contribution of up to $50,000 to fund further development and marketing.
Thomas Hanly, Singular Health’s Chief Executive Officer, said the joint venture is a critical step in both the streamlining and commercialisation of Singular Health Group.
“Strategic joint ventures such as this enable Singular Health to focus on our core activities in the medical technology sector whilst still benefitting from diversification of revenue streams and being able to develop translational skills and knowledge which augments our medical software,” Mr Hanly said.
The news follows the completion of a pilot project with FlowCentric Technologies. The pilot saw a program completed that allowed the user to create a digital twin of a tenement, drill hole data and demonstrate retrieval of near real-time data from the field.
During the initial pilot, numerous commercial applications for the software were identified across the areas of investor relations, mine site familiarisation, geological analysis, and mine optimisation.
Marketing of the product resulted in GeoVR receiving an initial dataset and scope from a potential client in South Africa for an early-stage Proof of Technology, which is set to be completed by the end of November 2021.
Singular Health Group was up 14 per cent, trading at 32.5 cents per share at 12:40 pm AEDT.
