The National Reconstruction Fund Corporation (NRFC) is investing $10 million of venture debt in Emesent, a global leader in robotics and spatial computing that uses pioneering physical AI solutions to map hazardous and GPS-denied environments.
Emesent’s flagship product Hovermap is a mobile scanning unit that can be attached to any vehicle, drone or used by hand to collect survey-grade data. Its versatility allows users to map previously inaccessible areas and it has already been deployed in over 200 mine sites around the world, improving operational safety and efficiency.
Hovermap is already considered mission critical for customers such as Rio Tinto, BHP and Glencore, and is also used in architecture, construction and engineering, infrastructure, utilities, defence and industrial facilities. It is used by its defence customers for post-combat mapping and recovery and has the potential to be used for
public safety and emergency response mapping in the future.
NRFC CEO David Gall said, “Emesent’s pioneering physical AI technology was developed and spun out of the CSIRO in 2018, and we are proud to be commercialising Australian-developed intellectual property.”
“Robotics and spatial computing are emerging segments of the Australian economy, and NRFC investment will help to diversify the economy and create highly skilled jobs by anchoring these nascent industries right here in Australia.”
“By keeping the Emesent’s advanced manufacturing capabilities in Australia, NRFC investment will help to build resilient supply chains while strengthening Australia’s sovereign capability in key sectors like advanced robotics and autonomous systems.”
NRFC funding will be used to support Emesent’s growth initiatives including product development and batch manufacturing of large orders at its production facility in Wacol, Queensland. It will also go towards developing its Cortex AI software platform so that it can be customised and used on a range of hardware devices.
Emesent’s Wacol facility is a high value electronic assembly and testing site resourced with an expert workforce with skills in engineering, software and robotics. The company currently employs 109 people and expects to create 21 new roles in Australia.
Emesent CEO Charles Miller said, “Our clients operate in some of the most demanding environments on the planet, and they rely on our technology to make those environments understood. NRFC's support means we can scale our manufacturing, push our AI and autonomy capabilities further, and deepen our presence in the sectors that matter most to Australia's future, including mining, defence, and critical infrastructure. We're proud to be building this from Queensland, Australia."
The NRFC’s investment complements a recently completed $15 million SAFE Note funding round which included investors Main Sequence Ventures, QIC, NGS, Hostplus and Orion Resource Partners.
NRFC CIO Dr. Mary Manning said, “Emesent represents the NRFC’s first foray into providing venture debt and we are pleased to be able to provide the company with the flexible, non-dilutive capital that it needs to scale up its operations.”
“The NRFC plays a critical role in enabling Australian companies like Emesent to scale globally, including into defence and other high-value sectors. Our ability to invest across the capital stack means that we are uniquely positioned to step in and fill a market gap for early-stage companies that have proven product-market fit and now require flexible growth capital.”
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About the National Reconstruction Fund Corporation (NRFC)
The NRFC is Australia’s sovereign investor in manufacturing capability. It has $15 billion to invest through direct loans, equity investments and loan guarantees across eight priority areas: renewables and low emissions technologies; enabling capabilities; defence capability; transport; value-add in resources; value-add in agriculture, forestry and fisheries; medical science; and industrial manufacturing and critical supply chains.
The NRFC’s role is to invest in Australian businesses and projects that design, refine and make to transform capability, grow jobs and a skilled workforce, and diversify our economy. The NRFC is a corporate Commonwealth entity, established by the National Reconstruction Fund Corporation Act 2023 (NRFC Act) in September 2023.
For more information, visit nrf.gov.au
About Emesent
Emesent, a global leader in autonomous mapping technology, provides innovative 3D data capture, processing and visualisation solutions for industries across architecture, engineering, and construction (AEC), defence, geospatial, mining, oil and gas, public safety, and beyond.
Rooted in the purpose to 'expand human potential by exploring further and understanding more' its two core products, Emesent Hovermap and Emesent GX1, are powered by cutting-edge simultaneous localisation and mapping technology (SLAM), enabling organisations to capture accurate 3D LiDAR data quickly,
efficiently, and safely in challenging and GPS-denied environments.
Established in 2018, Emesent was founded by two leading researchers from Australia's prestigious Robotics and Autonomous Systems arm of the Commonwealth Scientific and Industrial Research Organisation (CSIRO).
To learn more, visit emesent.com(Opens in a new tab/window)
Emesent media contact: taylor@wiseup.pr