RemSense Technologies Ltd (ASX:REM) Share Price and News
About RemSense Technologies
RemSense Technologies is a technology company, responsible for Virtualplant. Virtualplant allows companies to remotely manage assets, dramatically transforming the way critical infrastructure is maintained and monitored.
Using a twin digital application of VR and AI, virtualplant is built from a series of photographic images (using high-resolution ground-based scanning cameras) capturing existing plant asset conditions accurately. This in turn, enables access to visual information for a distributed asset network, providing an intuitive and immersive experience. It is also a digital hub that enables companies and contractors to access operational information such as manuals, inspection reports and schedules.
Virtualplant provides secure data access globally anytime and anywhere across an entire organisation using existing hardware and network systems. Virtualplant software is stored on the cloud and has been redesigned and certified on Amazon Web Services (AWS). Consequently, it can easily be integrated into the existing asset management system of the organisation, thereby saving substantial replacement or reinvestment costs
RemSense Technologies History
The current entity that bears the RemSense name was founded in March 2021 with the intent to act as the listing entity and parent company of the original RemSense that began in 2012 and was initially known as Altitude Imaging. The listing happened in November 2021.
Virtualplant had been born back in 2019 when REM was tasked by Woodside Energy Australia to design a software platform allowing asset knowledge and visibility anywhere, anytime and from any device, across employees and contractors.
Since then, REM has made significant investments in the development of virtualplant. The company is preparing to make its solution available to all asset and facility operators across the resource and infrastructure sectors. Woodside continues to use the platform under a SaaS agreement with REM, while REM retains the IP and right to market and sell it to other companies.
In October 2022, RemSense entered into an agreement with IBM with the objective of developing a virtuaplant as a digital twin user interface for Maximo - IBM's Enterprise Asset Management (EAM) software.
Future Outlook for RemSense Technologies (ASX:REM)
Looking ahead, RemSense is gearing up for significant growth with strategic enhancements to its virtualplant technology, including new security features and asset management tools. The company is also expanding its reach into utility management and refining its existing technologies. With new partnerships in the US, UK, and Malaysia and contracts with key industry players, RemSense is well-positioned for increased market presence and revenue growth, making it a standout in the digital twin technology space.
Is RemSense Technologies (ASX: REM) a Good Investment?
Investing in RemSense Technologies should only be done by investors comfortable with the risks of companies at an early stage like RemSense is. While the company has a promising technology, it still faces the challenge of developing its technology - for which it will continue to need capital unless or until it can be commercialised to the point were it is self-funding.
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Frequently Asked Questions
RemSense specializes in using VR and AI to create digital twins, improving how industries like oil, gas, and utilities manage their assets.