Following the successful completion of a pilot project with FlowCentric Technologies, Singular Health Group Ltd (ASX: SHG) has now formed a 50/50 Joint Venture (JV) with TerraCentric Pty Ltd (a nominee company of FlowCentric Technologies) under the name of GeoVR Pty Ltd.
The GeoVR JV 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. As mines become increasingly connected through the Internet of Things (IoT), synthesising all this data into a visual environment is imperative.
The terms for the formation of the GeoVR JV are reflected in section 10.14 of Singular Health’s prospectus and sees both TerraCentric Pty Ltd and Singular Health Group Ltd each hold 50% of the equity in GeoVR Pty Ltd with each party having two members on the GeoVR Board of Directors. In addition, each party will make an initial cash co-contribution of up to $50,000 to fund further development and marketing.
The formation of this Joint Venture following the payment in full by FlowCentric Technologies of the pilot project, has led to Singular Health assigning the GeoVR specific IP to the JV. Singular maintains full ownership of the core Volumetric Rendering Platform IP which is anticipated to be licensed to the JV once commercial sales have been achieved.
Singular Health, working alongside FlowCentric Technologies, during the initial pilot project has identified numerous commercial applications for the software across the areas of investor relations, mine site familiarisation, geological analysis, and mine optimisation.
Singular Health’s CEO, Thomas Hanly, said early marketing efforts by Flowcentric and Singular Health have resulted in GeoVR receiving an initial dataset and scope from a potential client in South Africa for an early-stage Proof of Technology (POT), which will be completed by the end of November 2021. While the (POT) is not expected to attract fees, the Company anticipates a Purchase Order on successful completion.
This GeoVR JV is a critical step in both the streamlining and commercialisation of Singular Health Group, combining the domain expertise of FlowCentric Technologies with our proprietary IP to access and commercialise sectors outside of medical markets,” he said.
“Strategic JV’s 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. We have enjoyed working with FlowCentric Technologies, their partners and clients over the past months and look forwards to working closely with them through GeoVR.”
