Came across this today although it was from earlier this year....

Came across this today although it was from earlier this year.

https://simplywall.st/news/2017/03/...rxp-expects-growth-momentum-to-remain-strong/

Aquabotix Technology Corporation, a manufacturer of underwater drones, is set to launch an IPO as an Australian company UUV Aquabotix Ltd (ASX:UUV), aiming to raise between $5 million and $7 million by issuing 35 million shares priced at $0.20 (all figures in AUD). Aquabotix is backed by the same US institutional investor, who also backed ASX-listed DroneShield Ltd’s IPO in mid-2016, DRO shares are up 23% since.

Lead by founder Durval Tavares, with experience spanning the United States Naval Undersea Warfare Center and Fidelity Investments, the team behind the IPO includes Peter James—board-chairman of nearmap Ltd (ASX:NEA), Macquarie Telecom Group (ASX:MAQ) and DroneShield Ltd (ASXRO)—and industry-insider Jay Cohen, who formerly served as the Chief Technology Officer at the US Department of Navy.

The company has sold 350 underwater drones in its six-year-history — client list includes big names like BP, Duke Energy and US Customs and Border Patrol. Aquabotix plans to spend the capital on business development by building an in-house sales team. In addition, building a global distributor network and support capabilities around sales would be the other areas of focus. Industry analysts’ estimates of addressable market for Aquabotix products stand at nearly US$4 billion by 2020, said the company.

The company generated $1.1 million in revenue during 2016, 80% higher compared to 2015. Aquabotix major growth play is to capture a big chunk of US Department of Defense’s planned US$3 billion expenditure on underwater drone surveillance operations. The company “plans to build” on its relation with the US Navy after receiving an order from the same in Dec’16.

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Obviously satisfied as it's now a repeat customer of Aquabotix. I can confirm the latest order by the US Navy (May 17) was in fact the Endura 100 UUV with a range of add ons and came to A$125,000. If it lands a decent contract with the Navy this will fly.

Just thought I'd share and keep all updated.