A $5 million initial public offering is on the cards in the coming months for Applecross-based company Mobilarm, which launched its new commercial marine safety product this week at the Offshore Technology Conference in Houston, US.
Previously targeting its man overboard alert systems at the recreational market, the company has ventured into the commercial environment with its Mobilarm V100 VPIRB, which has applications in the oil and gas and commercial fishing sectors.
The V100 is the first GPS-enabled, fully automated marine survivor locating system designed specifically for the commercial environment to ensure a quick rescue in overboard emergencies.
The company says the V100 is designed to work faster and more efficiently in rescue situations than traditional personal devices.
The unit automatically activates an alarm which is picked up by the mariner’s vessel, as well as surrounding commercial vessels fitted with VHF radios.
Other products on the market send emergency signals to a land-based receiver, located in Canberra for the Asia Pacific region, which then has to authenticate the signal before relaying the information out to a rescue team.
Mobilarm chief executive Lindsay Lyon believes the product will significantly reduce the number of fatalities associated with man overboard incidents and could potentially become a new safety standard.
“It’s such a significant improvement in marine workplace safety,” Mr Lyon said. “In a man overboard event, people can be helped immediately...and that’s the key.”
Product development was funded through both private investment and a $1.3 million COMET grant from AusIndustry.
Mobilarm is currently planning for its IPO and listing on the Australian Securities Exchange in September, where it will look to raise between $4 million and $5 million.
It is also preparing to launch its flagship wireless alarm product, CrewSafe, in July, and is in discussions with marine engine manufacturers, including Mercury Marine and Volvo, to integrate the technology.
Mobilarm started four years ago and currently has 18 staff.
