LONDON: The board of Clear Leisure has proposed new business investment and initiative based on the 3D mapping technology of GeoSim Systems Ltd.
Clear Leisure has a 4.53% shareholding in GeoSim which is an Israeli company specialising in 3D city mapping to create digital models.
Using GeoSim’s technology under licence, Clear Leisure intends to launch two projects to develop Digital Twins for London and Milan. It is planned that Digital Twins of other UK and European cities will follow.
Clear Leisure intends to incorporate two new Italian domiciled companies (Newco) in the next few weeks for the London and Milan Digital Twin projects.
It is intended that the acquisition of complete city airborne data and initial street level photographic and laser scanning data for both the London and Milan projects will be funded by a proposed fundraising to be undertaken by each Newco.
The two proposed fundraisings will be hosted on the new Italian crowdfunding platform, ForCrowd, in which Clear Leisure holds a 20% interest. This initial funding is also expected to allow for the development of a 1 sq km 3D map rendering of each city.
For the purpose of the crowdfunding exercise, the Company intends to set a pre-new money valuation for the London Newco and the Milan Newco by reference to the proposed urban area to be developed being 40 sq kilometre for Milan and 100 sq kilometre for London.
In particular, the board of Clear Leisure will set these valuations by considering the nature and usage of the buildings within the areas to be mapped and associated revenue potential.
It is currently anticipated that the crowdfunding exercise will go live on the ForCrowd platform by February 2020. There is, however, no guarantee that the fundraising will achieve the level of funding required to launch either or both Newcos, or that any funds raised will be invested at the pre-new money valuations which the Board will seek to achieve.
Digital Twins can be used in relation to many activities including real estate planning and development, advertising, forensic analysis, security, training and gaming.
The board of Clear Leisure currently aims to have a controlling interest in each fully funded Newco. As a result of this proposed approach to financing the two Newcos, Clear Leisure shareholders will not be diluted
Francesco Gardin, Executive Chairman and CEO of Clear Leisure, commented, “This new investment clearly demonstrates the Company’s ongoing strategy into the technology sector.
“Once a user has experienced the 1cm per pixel resolution of GeoSim’s technology for urban 3D models, it would be difficult to go back to the low-resolution photograph-based pseudo 3D models, currently available online.
“Moreover, by demonstrating to the larger European cities the outstanding power of GeoSim’s technology, it could potentially help increase the value of our existing investment in GeoSim, by expanding its visibility to new target clients in Europe.”
Francesco Gardin continued, “The use of our crowdfunding platform ForCrowd, is representative of how we intend to create synergies among our portfolio companies and why we chose to make the original investment into ForCrowd in October.”
Edited by Nayyar Iqbal