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- SenSen (SNS) has entered 2021 in a trading halt as it gears up to raise fresh capital
- The smart city solutions provider will remain in the halt until January 6 or when an announcement is made
- On December 1, SenSen revealed it acquired Snap Network Surveillance and its business assets for $1 million
- Both companies will work together to release a new product which will able to automatically detect and track people through a large-scale video surveillance network
- Shares in SenSen last traded at 17.5 cents on December 31
SenSen (SNS) has entered 2021 in a trading halt as it gears up to raise fresh capital.
The smart city solutions provider will remain in the halt until January 6 or when an announcement is made.
On December 1, SenSen revealed it acquired Snap Network Surveillance and its business assets for $1 million.
This $1 million was made up of 9,881,423 SenSen shares priced at 12.1 cents.
Formed in 2009, Snap designs and builds artificial intelligent (AI) camera tracking software which allows users to control their video surveillance.
Both companies will work together to release a new product — SenTRACK — which will able to automatically detect and track people through a large-scale video surveillance network.
This product will combine Snap’s AI-powered tracking technology with SenSen’s automated object tracking technology.
“Adding the ability to seamlessly track objects in a multi-camera environment will be a major benefit for many of SenSen’s existing customers providing additional functionality,” CEO Subhash Challa said at the time.
SenSen is yet to disclose how much it intends to raise or what it will use the funds for once received.
Shares in SenSen last traded at 17.5 cents on December 31.
