Strat Aero PLC (LON:AERO) said it has invested £0.25mln to acquire 37% of rotating shaft data monitor Gyrometric Systems Limited.
The AIM-listed aerial reconnaissance specialist said Gyrometric had developed a unique system for reliably collecting, analysing and monitoring digital data from rotating shafts over a wide range of speeds and shaft sizes.
READ: Strat Aero subsidiary chosen as leading supplier for Aerial Survey and Inspection by Aviva
The group added that the technology uses proprietary software and artificial intelligence techniques to analyse performance and to diagnose and predict drive system maintenance needs, reporting to commercial operators through a cloud-based internet of things platform.
Strat Aero also said that following the investment, the group would still retain sufficient cash resources to fund its operations beyond the end of this calendar year given the combination of significantly reduced corporate costs and the outlook for its surveying and inspection business.
The announcement followed good news for Strat Aero’s subsidiary Geocurve Limited last Friday, when it was chosen as a leading supplier for Aerial Survey and Inspection by insurance giant Aviva PLC (LON:AV.).
Strat Aero shares were down 4.1% at 0.06p in late-afternoon trading Monday.