The stake in Advanced Mobility Analytics Group for $1.5 million will move PPK into a new area of development. AMAG has developed a system using artificial intelligence, video analytics, deep learning and advanced econometric technology to manage road safety.
The technology was developed with UQ, QUT and the University of British Colombia with commercialisation support from UQ’s Uniquest.
AMAG founder Simon Washington said the investment from PPK would allow the company to accelerate the development of its platform which would allow the deployment to governments around the world letting them proactively manage road safety and reduce crash risks.
AMAG’s headquarters would be in Brisbane, which Washington said would help build the city’s profile as a high-tech hub. It will employ about 15 engineers with plans to grow that to 35.
“The growth potential of the global business is significant,” he said.
AMAG already has customers in the US and Australia and is negotiating with cities in Canada, New Zealand and the US.
PPK executive chairman Robin Levinson said the company saw this as an opportunity to diversify into commercialising new technologies.
PPK has previously worked on commercialising boron nitrate nanotube technology with Deakin University.
“With the development work already undertaken by AMAG to create its SaaS solution clearly being best-of-breed and already generating revenue I see this technology having a specific purpose to achieving road safety globally and PPK is very pleased to have been approached by AMAG,” Levison said.
He will also join the AMAG board.
AMAG said the cost of transport-related crashes globally was $US870 billion as well 1.25 million deaths.
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