Singular Health is set to show it is not just a one-trick pony after the company said it will draw on the smarts contained within its 3D medical imaging technology to build a prototype system that can model a mining project in 3D. Singular will receive a $170,000 payment from mining software player, FlowCentric Technologies to develop its “GeoVR” software for the mining and exploration industry.
The company has entered an agreement with South-African based FlowCentric Technologies to develop and commercialise the GeoVR platform, which is based upon Singular’s “Volumetric Rendering Platform”, the same software that underpins the company’s highly successful MedVR and 3Dicom medical imaging applications.
Whilst the two parties are still nutting out the finer details of the agreement, they are looking to form a joint venture company that will own and develop the GeoVR software – Singular and FlowCentric will both own 50 per cent of the new entity.
FlowCentric will fund the development of the software and will earn 50 per cent in the new entity by making a series of staged payments over the next five months, totalling $170,000. Singular will earn its stake through the development of the software and will transfer ownership of the intellectual property to the new company after it has been paid.
The two companies will then work together to commercialise the software and pursue various resource sector applications for the GeoVR platform.
Whilst we remain focused on our core vision of Developing Better Health Literacy, this pilot program with FlowCentric Technologies presents a great opportunity to deploy our proprietary Volumetric Rendering Platform for use in the mineral resources sector. FlowCentric is a logical partner for Singular Health with their large number of existing business relationships in South Africa and Australia with leading geological software providers and resource companies.
FlowCentric is likely to provide its own eager clientele with priority access to the developing software package. The company already delivers business management software to over 350,000 users including tier-one resource sector companies across the globe.
Singular is also well-positioned to market its GeoVR app, with ready access to a plethora of exploration and mining companies given its geographical position in West Perth, a recognised world-class mining jurisdiction.
The GeoVR software will provide an enhanced ability to evaluate mining and exploration information. Users will be able to upload their mining, drilling and geological data which will then be rapidly wire-framed and converted into a 3-dimensional model.
Resource companies will then be able to manipulate the dataset in 3D, strip away various layers and fly-through the model providing critical analysis to the dataset and allowing accurate planning of both mining and the drilling of key targets. Data will be viewable on screen or in the virtual environment through the use of virtual reality, or “VR” goggles.
Whilst Singular will continue to focus on the development and marketing of its revolutionary medical imaging software, the evolution of the company’s GeoVR software delivers yet another arrow into its growing quiver of products and continues to demonstrate the versatility of its innovative software platform.
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