Drone detector DroneShield to raise $7m on ASX

DroneShield chief executive James Walker (right) and chief financial officer Oleg Vornik with two drones their ...
DroneShield chief executive James Walker (right) and chief financial officer Oleg Vornik with two drones their technology is designed to detect. Supplied

by Michael Bailey

The maker of a drone detection system used at the last two Boston marathons is raising $7 million for an ASX listing and will move all its research and development to Australia.

DroneShield, founded in Virginia in 2014 by two former defence contractors, claims to know the acoustic signature of every drone on the market and to be able to detect them via a network of sensors.

While it has only shipped about 250 of these sensors to date, the clients for them have included prisons, a Middle East hotel chain concerned about guest privacy, and the Boston Police Department, which used the system to enforce its “no drone zone” above the last two Boston marathons.

The company raised $US950,000 in convertible debt in August from New York’s Bergen Asset Management, which started the process of DroneShield becoming an Australian company.

Bergen’s chief investment officer Eugene Tablis is a veteran of structured equity deals for already listed Australian microcaps (such as Prima Biomed) but, in DroneShield’s case, decided to take it public on the ASX.

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Read more: http://www.afr.com/technology/drone-detector-droneshield-to-raise-7m-on-asx-20160429-goi0u4#ixzz47WJ50Pxu
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