Seeing Machines Creates Joint Venture For TrueField Analyzer

LONDON (Alliance News) - Seeing Machines Ltd Wednesday said it has created a new joint venture with Australian National University in order to commercialise TrueField Analyzer intellectual property.

The sensing technologies company said the new business, NuCoria Pty Ltd, will focus on bringing the TrueField Analyzer to market. The product is a pupil monitoring device.

Australian National University will lead the management, staffing and funding of NuCoria, while Seeing Machines will take an initial 18% stake in the business, nominate a non-executive director, and receive royalties from any future licensing deals.

"This is a fantastic outcome for all parties. Our company's DNA and legacy is closely tied with the ANU. Hence I firmly believe that they are the right partners to move forward with this exciting technology," said Seeing Machines Chief Executive Officer Ken Kroeger.

Seeing Machines shares were up 3.5% to 5.95 pence on Wednesday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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