Unique shark tech company raises $3.5m to list on ASX

Unique Australian shark technology company Shark Mitigation Systems will officially list on the ASX today at 10am under ASX code SM8 to commercialize two exciting new shark deterrent and detection technologies that have been partnered by Google and Optus and researched by the University of Western Australia. 

The company has raised $3.5m from Australian capital markets and will now seek to globalize its two leading shark deterrent and detection technologies, "SAMS" and "Clever Buoy".

SAMS or “Shark Attack Mitigation Systems” is a specific design applied to ocean going products such as wet suits in particular but also surfboards and other items in order to deter or confuse sharks, thereby reducing the risk of shark attacks.

The SAMS design technology has been developed in conjunction with the University of Western Australia’s Oceans Institute and School of Animal Biology and is based on new research by UWA around shark vision, neurology and behaviour.

The company says the major learnings of the research is that sharks see in “contrasts” and that a monotone dark coloured wetsuit is often mistaken for prey and confused with seals and other marine life that are attractive to sharks.

Shark Mitigation Systems have developed two wetsuit designs created to reduce the risk of shark attacks.  The first consists of bold and brightly contrasting patterns specifically crafted from the research.

The boldly contrasting patterns are designed to modify the perceived object outline and ensure that it is overtly identified by sharks and not confused with other marine life. This design is targeted at surface swimmers or surfers wearing wetsuits or riding surfboards.

The other design mimics the reflectance spectrum of ocean water, effectively blending the pattern into the water column and confusing the contrasting vision of a large shark. 

SM8 have already started licensing the technology and design suite to wetsuit and other marine product manufacturers including global swimwear company Arena and local wetsuit manufacturer Radiator Wetsuits. 

Shark Mitigation Systems have also been developing a second shark technology known as “Clever Buoy” in partnership with Optus.

Clever Buoy is essentially a smart marine buoy that has been taught to detect the swimming patterns of sharks and is capable of sending a signal back to shore when it detects marine life of a pre-determined size swimming in a particular way.

In February this year the company launched a commercial trial of Clever Buoy by securing approval to trial a unit at the iconic Bondi Beach in NSW.

Multiple other state and local Government’s around the country and around the world are now on the company’s target list for Clever Buoy.

“Listing on the ASX will provide SM8 with access to capital which will significantly assist the Company in advancing its technologies,” said SM8 Co-Founder Craig Anderson.

“We are actively pursuing further licensing agreements for our SAMS^TM technology.  We are also looking forward to progressing Clever Buoy into commercialization following our highly successful deployment at Bondi Beach, with the technology anticipated to have broad market appeal with groups including local governments, private beach resorts and the aquaculture industry,” he said

SM8  had a strong investor response to its Initial Public Offering, securing $3.5 million through the placement of 17.5 million shares valued at $0.20 per share.

With big name partners like Optus and The University of W.A to throw around, two unique pieces of technology that seem to make sense and a world that continues to be paralysed by the threat of shark attacks, SM8 certainly look to be on an upwards trajectory.

Oh yes, and it probably doesn’t hurt either that Clever Buoy was initially backed and supported by Google.