Future First Technologies has completed a $2.35 million call-out to investors to improve its AI-powered road maintenance systems.
The company reached out to sophisticated and institutional investors for the capital raise in order to further integrate technology from Australian AI firm EagleSoft into its Asset Vision business while also expanding its sales capacity.
Future First acquired EagleSoft in June which coincided with the startup winning a contract to analyse over 5,000 kilometres of road in regional Victoria.
EagleSoft uses AI to analyse footage from vehicle and drone-mounted cameras to check for defects in road network assets.
It’s the kind of tech that Future First is hoping will propel its Intelligent Asset Management platform.
“The strong support the company has received from new institutional investors comes at a time where the focus on road safety is gaining attention and momentum around the world,” Future First CEO Keith Falconer said of the $2.35 million raise.
“Their support is a strong indication of the significant opportunities that lie ahead for the company.”
In November the Victorian government said the technology was being used as part of a “regional road maintenance blitz” and had already scanned over 160,000 road assets such as signs, line markings, and the road surface.
“We’re embracing the latest technology to ensure we deliver road maintenance and repairs where they’re needed most,” Victorian Minister for Roads and Road Safety Ben Carroll said at the time.
“This technology is allowing us to work more efficiently and safely – it removes the need for workers to be out on the roads putting themselves in potentially risky situations.”
The government’s AI-based road safety program in conjunction with Asset Vision was a finalist in Gartner’s Eye on Innovation Awards for Government 2021.
Future First has a market capitalisation of $17.43 million on the ASX.
Despite its new acquisition being put to use by the state government, Future First’s share price is set to finish the year lower than it started at around the 4c mark.
The ASX paused trading of Future First stock in February after its value nearly doubled in the space of two weeks following.
The tech investment company said it couldn’t explain the sudden price movement, pointing to its $1.25 million investment in fintech 1derful as a possible reason.