Perth-based Biotech Capital Ltd has invested $2 million in Crawley-based Sensear Pty Ltd, ahead of the launch of its hearing enhancement and protection products in Germany and the USA.
Perth-based Biotech Capital Ltd has invested $2 million in Crawley-based Sensear Pty Ltd, ahead of the launch of its hearing enhancement and protection products in Germany and the USA.
Biotech Capital, managed by Titan Bioventures, will become the largest shareholder in Sensear following the placement, and will have board representation.
The full text of a Biotech Capital announcement is pasted below
Biotech Capital Limited (ASX: BTC) is pleased to announce it has agreed to invest $2 million in private Australian company Sensear Pty Ltd ("Sensear") as part of an overall $3 million funding round completed by the company.
Sensear has a range of technologies related to hearing enhancement. It's first commercial product is due to be released to the occupational health and safety market in late 2007.
The underlying technology was originally developed at the Western Australian Telecommunications Research Institute (WATRI). The core technology allows for speech recognition and enhancement in a diverse range of noisy environments.
The first commercial application is in hearing muffs and plugs that can be worn by users in noisy environments allowing them to hear speech without removing the hearing protection.
In addition, the technology also allows for users to speak on their mobile phones without removing hearing protection.
Hearing protection in the workplace is an important issue facing employers and Sensear aims to fulfill an unmet need in the market. The company has been in extensive consultation with its prospective customer market and commercial interest appears to be strong.
Sensear recently enjoyed success at the annual iAwards presented by the Australian Information Industry Association (AIIA), the Australian Financial Review and the CSIRO which seeks to recognize the best Australian ICT innovations each year. Sensear was the only company to take out two innovation awards taking first place in the "Healthcare" and "Research & Development" categories.
In addition to positioning the company for the commercial launch of its products the funds raised will also be used to explore other applications of the technology including assisted listening device applications. Initial indications from groups operating in this market suggests this could become an important medical market for Sensear.
Following this investment BTC will be the largest shareholder in Sensear and will have Board representation.
The investment is consistent with previous shareholder communication in moving to reposition BTC's investment portfolio towards later stage companies either generating revenues or in human clinical trials.
The full text of a Sensear announcement is pasted below
Hot on the heels of winning two innovation awards at the iAwards 2007, hearing technology company Sensear will launch its ground breaking, innovative products globally at two of the world's largest safety trade expos, the A&A, held in Dusseldorf, Germany in September and the National Safety Congress, held in Chicago in October.
Sensear will be introducing its first two commercial products, the electronic ear muffs and electronic ear plugs, which can be used industrially to enable communication whilst preventing noise induced hearing loss.
Sensear Managing Director Justin Miller said Noise Induced Hearing Loss (NIHL) is one of the world's most common occupational illnesses and the world's biggest compensatable occupational hazard.
"A February 2006 study by Access Economics reports Noise Induced Hearing Loss (NIHL) cost Australia in excess of $4 billion in 2005."
Sensear's products can be worn by people in noisy environments, allowing them to hear speech and alarm signals while being protected from background noise.
"The technology is a world first. It enables people to wear hearing protection and clearly hear face to face speech, as well as mobile phone and two-way radio conversations, in a diverse range of high noise environments," Mr Miller said.
The company has consulted extensively with its prospective customer market and commercial interest appears to be strong.
"We have trialled the products with several global companies, including Qantas, Alcoa and Rio Tinto, receiving very positive results," Mr Miller said.
Qantas Occupational Hygienist Brian Smith said Sensear's ear muff products were trialled with ground staff, baggage handlers and engineers with successful results.
"Initial trials of Sensear's ear muff products have proved successful and workplace assessment is ongoing. Once Sensear has launched commercially, we will evaluate other applications including the ear plug option. Sensear's technologies may form part of our overall noise management program," Mr Smith said.
Sensear recently won two innovation awards at the annual iAwards presented by the Australian Information Industry Association (AIIA), the Australian Financial Review and the CSIRO, which seeks to recognize the best Australian Information and Communications Technology (ICT) innovations each year.
Sensear was the only company to win two of the prestigious iAwards, taking first place in the Healthcare and Research & Development categories.
"Australian listed company BioTech Capital has recently completed its due diligence on the company and we now welcome them as a significant investor. Winning the iAwards has generated further interest from other investment organisations," Mr Miller said.
"We see these awards, the substantial interest from potential investors and the overwhelming response from the trials, as recognition that Sensear's products will meet a global market need."
As a result of winning the iAwards, Sensear will now represent Australia at the Asia Pacific ITC Awards in Singapore in November.