CIA-backed Visionary Machines scores $2.5m defence contract as revenue drive revs up
The Sydney startup develops technology that allows autonomous vehicles to see the world around them using cameras, rather than industry-standard lidar.
Sydney's CIA-backed startup Visionary Machines has won a $2.5 million Department of Defence contract to develop anti-drone detection technology for military use.
The deal, which has not been previously reported, marks a breakthrough in the company’s increased focus on commercialising its technology, which includes developing autonomous vehicle technology using cameras rather than lidar.
“This is our foray into establishing a productised focus moving forward,” said chief executive Sonny Foster, who joined the company three months ago with the express mission to shift attention from research and development to revenue generation.
“We’re kicking off with a number of pilot projects, which is really helping us validate the technology, get it into the market. Over the next few years you’re going to see a shift from us being more driven by investment revenue to revenues generated through products.”
