Vection Technologies Ltd (ASX:VR1) has executed a contract for its first Extended Reality (XR) solution tailored for naval maintenance management, underpinned by the decentralised GPU system, the “Render Network” (RNDR).
Vection plans to enhance its portfolio in the naval sector by leveraging XR and AI technologies to provide a maintenance-focused solution. This initiative aims to utilise the Render Network's capabilities, significantly improving maintenance operations' efficiency, precision, and safety.
At the core of this innovative approach is the Render Network, a decentralised graphic rendering platform crucial for producing high-definition 3D visuals and simulations essential in Mixed Reality (MR) applications.
This engagement marks Vection's first engagement with the Render Network, enabling our INTEGRATEDXR suite to have the extra computing power of decentralised GPUs, enabling enhanced performance. In addition, this engagement highlights a commitment to our emerging portfolio of naval and defence clients.
Integrating the Render Token, built on the Ethereum blockchain, is a significant step forward in enhancing visual quality and streamlining processes within the network. This development allows for greater visual clarity and precision, eliminating the need for dedicated rendering hardware, reducing costs, and improving scalability. It also facilitates the rapid development and refinement of Mixed Reality applications, which leads to a better user experience. The project leverages global computing resources for critical high-resolution rendering, significantly reducing costs and improving scalability. This expedites the development of MR applications and, in turn, enhances the user experience.
Blockchain technology further strengthens the project, creating a secure, transparent ledger for recording maintenance activities. This ensures complete traceability of operations, enhancing fleet management efficiency.
The solution is optimised for Apple Vision Pro and offers unparalleled user experiences with high-quality, immersive visual content.
The contract is with Bi-Rex: Big Data Innovation & Research Excellence, an innovation hub for big data research and technological excellence development, and Scia Service, a European company specialising in naval asset management. It is valued at $500,000 on a Total Contract Value (TCV) and is expected to be delivered and recognised as revenue in FY24, except for $50,000, which will be recognised as revenue in the third year as a maintenance fee.
Vection anticipates delivering this solution by June 2024. Following the completion of this project, the company plans to introduce the solution to the broader market, further demonstrating its commitment to leveraging technology to transform naval maintenance.
With this initiative, Vection plans to introduce the transformative potential of merging XR and AI technologies with the Render Network, aiming to set new standards in integrating technology to improve operational processes.
