Nearmap CEO Dr Rob Newman.
Sydney-based Nearmap has bought US technology startup Pushpin, a deep learning and analytics technology venture, to expand the services it offers with its aerial imagery.
The cost of the deal was not disclosed by the ASX-listed geospatial mapping tech company, which operates in Australia, US and Canada.
Pushpin extracts data from 3D models to provide roof geometry insights for users such as roofing and solar companies and government. The acquisition gives Nearmap the ability rapidly extract and disseminate roof geometry from its wide-scale 3D models, delivering new location content.
Nearmap CEO Dr Rob Newman said the business had been working on building a multi-product portfolio from the company’s initial 2D imagery.
‘‘This addition aides our company mission by providing 3D geometry data at unmatched speed, thereby changing the way our customers perform their work,” he said.
The new technology can provide a semi-automated calculation and extracted representation of any roof geometry in under 60 minutes at a time when the solar industry is expected to expand rapidly over the coming years.
Nearmap’s Technology and Engineering executive VP, Dr. Tom Celinski, said the combination of Nearmap’s 3D content and Pushpin’s geometry extraction technology opens up a diverse range of use cases, enabling businesses to fast-track job estimation, determine solar irradiance, plan drone delivery routes and model 5G propagation.
“The addition of Pushpin’s 3D geometry extraction technology into our large-scale 3D reality models will enable us to further evolve our offering and produce at scale roofing geometry,” he said.
The company also sees opportunity in providing rapid analysis to the insurance industry as increasingly frequent storms damage roofing changes in roofing trends and materials. It’s appeal to the roofing industry includes the use of technology to assist with tasks such as roof material and project quoting, project management and customised sales.
Nearmap shares are hovering around $2.60 today, having reached a 2019 high of $4.23 in June.