A Western Australian invention called the Millmapper has emerged victorious at the Commercialisation Expo 2006 in Melbourne this week.
A Western Australian invention called the Millmapper has emerged victorious at the Commercialisation Expo 2006 in Melbourne this week.
The $10,000 prize for best WA innovation has provided start-up company Scanalyse Pty Ltd, from Curtin University, with an added incentive to take its laser scanning technology to greater heights.
Scanalyse beat 22 other entrants from the University of Western Australia and Curtin University and was judged against more than 200 projects from around Australia.
Millmapper is the company’s first product. It works to significantly reduce the maintenance cost of grinding mills in mining and mineral processing operations by providing unique wear detection, monitoring and predictive intelligence.
The company recently obtained a Comet Grant and is using the funds to commercialise the product further by implementing a web-based business model and marketing plan to access global markets, as well as finding a suitable chief executive.
Scanalyse interim manager and director of intellectual property commercialisation at Curtin University, Conrad Crisafulli, said the company had established a production line and was already servicing Alcoa, BHP Billiton and KCGM. Scanalyse was in the process of building up sales by providing trials and expected that within three months, the company would be in a position to take the product to market.
Scanalyse is also developing a series of new scanning products that have applications in industries outside mining and was in discussions with potential clients.
But venture capital funding of $400,000 and above is required to fast-track its international expansion plan and product development.
“At worst, Scanalyse is a nice business opportunity with a market capitalisation of between 10 and 15 million dollars. On the upside, this business could be a beautiful opportunity with unlimited earning potential,” Mr Crisafulli said.
Scanalyse acting chief executive Marcus Christian said the product was unique and had a very bright future.
The overall winner of the $100,000 Peter Doherty Prize for innovation was won by Monash University Melbourne for its technology called Faster Optical Communications.
