SenSen Networks Ltd (ASX:SNS) (OTCQB:SNNSF) is focusing on scaling rapidly as it set out its focus over the next five years to increase its customer base.
The world-leading artificial intelligence (AI) solutions provider has outlined its near-term, medium-term and long-term plans that will see it develop new applications and open new markets above and beyond its target markets.
The company’s target markets - smart cities, casinos, smart surveillance and the retail industry – are very large and growing.
Its solutions are having transformational impacts on multiple industries including city councils, casinos, fuel retail and large-scale surveillance facilities.
Its new solutions under development are expected to have similar impacts on many more industries.
Near-term
In the one to two years near-term plan, the company plans to invest in marketing and sales channel development as well as in the productisation of its world-leading products.
It is also planning to accelerate growth in smart cities and the casino markets.
During this period, the target is to achieve more than 100 customers, generating annual recurring revenue (ARR).
Medium-term
In the next two to four years, the company plans to invest in its technology platform to make it robust and scalable to multiple adjacent markets.
In two to three years, it plans to grow from 35-plus cities to more than 100 cities.
It also plans to grow its analytics active on 10,000 plus cameras to 100,000 plus cameras in two to three years.
SenSen also plans to crack the broader retail market and grow to 1,000 plus stores in two to three years from its current 250 plus stores.
As for the casino market, it is targeting to hit 30 plus casinos in two to three years from its current base of two casinos in Melbourne and the Philippines.
Longer-term
In the three to five years, plans are afoot to open its platform to third-party application developers.
The aim is to develop new applications and open new markets above and beyond its target markets.
It also plans to invest in building the application developer ecosystem to exponentially increase the customer base and associated revenues.