- The Australian Government awards Droneshield (DRO) a $1.1 million grant
- The high-tech defence and homeland security business received the cash payment as a research and development tax incentive for the company’s 2020 activities
- CEO Oleg Vornik said the grant reflects its “world-class cutting edge” work done in Australia
- The money will be reflected in the cash receipts for the third quarter in FY21, with the 4C quarterly cashflow summary due to be released in October
- Shares have been trading 7.3 per cent higher at 22 cents apiece at 11:41am AEST
The Australian Government has awarded Droneshield (DRO) a $1.1 million grant.
The publicly listed company specialises in electronic warfare, artificial intelligence, sensor fusion and radio frequency sensing for protecting military, government, law enforcement and VIPs around the world.
The cash payment has been awarded as a research and development tax incentive for its 2020 activities.
DRO is touted as a high-tech defence and homeland security business, employing over 30 engineers in Australia presently, and said to be rapidly growing.
CEO Oleg Vornik said the company appreciates the support from the Australian Government at Federal and State level, and believes this grant reflects its “world-class cutting edge” work done here in Australia.
The grant will be reflected in the cash receipts for the third quarter of 2021, with the quarterly cashflow summary due to be released in October.
Today’s news comes on the back of the company’s announcement yesterday that it has released an update to its 3Q21 AI Software.
DRO said the update will run across the entirety of the DroneShield radio frequency sensor product range and will continue to improve its machine learning/artificial intelligent techniques to detect improvised threats in near-to-real time.
Shares were trading 7.3 per cent higher at 22 cents apiece at 11:41am AEST.