RemSense Completes Oversubscribed pre-IPO Funding and Finalises Board Appointments
Perth-based technology company RemSense has completed its pre-IPO funding round, which closed 3 times over-subscribed. RemSense expects to list on the ASX later this year as RemSense Technologies Limited.
The pre-IPO funding round was led by MAC Equity Partners, with MAC Equity Managing Director Bryan McLarty commenting:
“RemSense fit the profile of what many of our clients look for – an innovative company that has huge growth potential via the development of new technologies, whilst proving it can already operate efficiently and generate revenues from its existing business lines.“
Ahead of the IPO, RemSense has reorganised its operations into two key business lines, which together cover the Mining & Metals, Energy, Utilities and Defence sectors:
Technology and Engineering – which focuses on providing bespoke technology development and engineering services, and acts as the company’s ‘engine room’ for future innovations; and
Data Capture & Insights – which acts as the operational arm of the business to gather and process both terrestrial and airborne data such as LiDAR, imagery and magnetometry to provide clients with powerful insights.
The funds from the IPO will primarily be used to expand the commercialisation and product development activities of Virtual Plant, RemSense’s asset visualisation platform that was developed through its Technology & Engineering division.
Ahead of its listing, RemSense has recruited a final member to its pre-IPO board, adding Ms Nicole O’Connor as Non-Executive Director.
Ms O’Connor joins the non-Executive team of Mr Chris Sutherland (Non-Executive Chairman), and Mr Ross Taylor.
Mr Steve Brown,Managing Director & CEO commented:
“We are delighted to welcome Nicole to the RemSense team and look forward to her contributing towards the future success of RemSense, leveraging her expertise in the delivery of cloud-led services and technical innovation.”
Ms O’Connor is currently the Director of Research Services and Systems at Curtin University where she oversees the operations of approximately $150 million of research projects. Ms O’Connor previously worked for SAP, IBM and Western Power which gave her broad experience across industries including technology software services, utilities, education, and resources.
“I am excited to be joining RemSense ahead of a significant moment in the company’s growth and look forward to helping commercialise their technology innovations both here in Australia and overseas”.Nicole O’Connor
This announcement has been approved for release by the Board of RemSense