The 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.
This investment will strengthen Australia’s sovereign capability in advanced robotics and autonomous systems, commercialise Australian innovation, and grow the nation’s advanced manufacturing capability.
About Emesent
Spun out of CSIRO in 2018, Emesent is at the cutting edge of autonomous mapping technology. Its 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.
Hovermap’s 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. Defence applications include post-combat mapping and recovery and it has the potential to be used for public safety and emergency response mapping in the future.
Looking ahead, NRFC funding will be used to support 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.
Investment impact
Innovative capital structuring
Emesent represents the NRFC’s first foray into venture debt, providing the company with the flexible, non-dilutive capital that it needs to scale up its operations. The NRFC’s ability to invest across the capital stack means that it is 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.
Commercialising Australian innovation
Emesent’s pioneering physical AI technology is commercialising research carried out by its two founders at the Robotics and Autonomous Systems arm of CSIRO in 2018.
Building Australia’s sovereign capability
The NRFC’s investment in Emesent will help keep its advanced manufacturing capabilities in Australia and build resilient supply chains while strengthening Australia’s sovereign capability in key sectors like advanced robotics and autonomous systems.
Creating local jobs
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.