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- Nearmap (NEA) has purchased technology and intellectual property from Primitive (Pushpin), a deep learning and analytics technology company
- The US$3.5 million asset acquisition will allow Nearmap to rapidly extract and roof geometry from its wide-scale 3D content
- The company considers this as an important milestone in its approach to add new content for its customers on an ongoing basis
- Nearmap is down slightly on the market today with shares trading 1.15 per cent lower at $2.57 each
Nearmap (NEA) has purchased technology and intellectual property from Primitive (Pushpin), a deep learning and analytics technology company.
Pushpin extracts data to provide roof geometry insights to the roofing, solar and government sectors.
The US$3.5 million (A$5 million) asset acquisition will allow Nearmap to rapidly extract and disseminate roof geometry from its wide-scale 3D content and offer a new type of location intelligence to customers.
Nearmap CEO and Managing Director Dr Rob Newman considers this acquisition an important milestone in the company’s aim to add new content for its customers on an ongoing basis.
“By acquiring Pushpin’s 3D geometry extraction technology and pairing it with our rich data, with bring the best of both world’s together at an unprecedented scale,” Rob said.
Nearmap is an ASX 200-listed aerial technology company which offers businesses instant access to high-resolution aerial imagery, city-scale 3D datasets, and integrated geospatial tools.
With access to Pushpin’s technology, Nearmap can provide a semi-automated calculation and extracted representation of any roof geometry within as little as one hour.
Combining Nearmap’s 3D content and Pushpin’s geometry extraction technology, opens up a diverse range for businesses to fast-track roofing projects, determine solar irradiance, plan drone delivery routes and model 5G propagation.
The acquisition was facilitated by the A$70 million equity raising in September 2018.
Nearmap is down slightly on the market today with shares trading 1.15 per cent lower at $2.57 each at 12:31 pm AEDT.
