The consultation service company for smart city solutions, SenSen Networks Ltd and its systems integrator partner ATT Systems won a tender from the Singapore government which will involve reducing traffic congestion and deterring illegal curbside parking.
The company won tender for the Operation and Maintenance of Closed-Circuit Television (CCTV) Enforcement Camera System.
Various locations which have been designated as Enforcement Zones will be implemented with the system whose integral software base is that of SenSen’s AI and video analytics software. Vehicles breaking the rules will be captured via camera.
Over the five-year term of the contract, the firm will earn S$1.15 million in the form of Software as a Service (SaaS) revenue. In February, the firm will also receive an upfront payment of S$150,000.
SenSen CEO Subhash Challa remarked that the contract was a great outcome for ATT and SenSen: “SenSen has been providing its AI and video analytics expertise in Singapore for many years and we look forward to working with ATT to assist in reducing traffic congestion in the Singapore CBD…Of particular importance for SenSen is the complete SaaS nature of this contract revenue and the high gross margin and recurring profile of the earnings…Singapore will continue to grow as a critical hub for SenSen operations in the South East Asia region.”
The company shares rose from 9.6 cents on Jan 28 to 12.5 cents, which is close to 9 per cent increase.
The contract adds upon the 70 enforcement zones covered by the existing footprint which are monitored live by SenSen across the country’s central business district.
Commuter infrastructure like pedestrian overhead bridges, sheltered linkways and bus shelters, as well as mounting poles and street lamp posts are attached with cameras. From there, SenSen’s digital video infrastructure detects violations, identify illegally parked automobiles and capture images.
The upfront payment of S$150,000 will be followed with equal quarterly instalments of S$50,000 over the duration of five years to make up the remaining S$1 million.
In Singapore, ATT is a long-standing channel partner for SenSen who is a regional system integrator with a one-stop solution service and it prides itself for delivering intelligent customised systems for commercial clients and government.
SenSen believes that the firm is gaining strong interest from international cities outside of Singapore for its technology in managing curb access and parking enforcement.
The company aims to help municipalities enforce and monitor parking compliance in emerging and under-regulated commercial areas with its capacity to differentiate between parking charges, parking rules, days and time, duration and vehicle types.
The primary objectives of SenSen’s developing its asset-light Gemineye technology are to provide cities with data analytics for better planning and enforcement as well as managing curb space for electric bikes and scooters.