Sydney Angels are pleased to welcome Seitec as the latest addition to our investment portfolio.
The completion of the company's initial seed round led by Sydney Angels and coordinated by Adrian Waters raised almost $600,000 from a consortium of Sydney, Melbourne and Brisbane-based Angel groups as well as a pool of independent high-net-worth investors. The Sydney Angels syndicate drew heavily on members' technology, commercialisation and Defence industry expertise during the due diligence process. The round was fully subscribed with a pre-money valuation of $3.1 million.
Seitec is a veteran-founded firm based in Canberra ACT that was born through a commercialisation process from Defence Australia. Seitec has developed a new technology for detecting and locating unexploded ordnance on military test ranges using a system of seismic sensors. With an increasing awareness of the need to ensure unobstructed ranges both domestically and abroad, the UXOTrackS technology saves range operators time and money while also making ranges safer and more environmentally friendly. UXOTrackS is nearing market readiness and Seitec are currently in discussions with the Royal Australian Air Force.
Seitec founder Daniel Stevens is confident of the technology's ability to be expanded to other use cases including vehicle and footstep detection for security applications in a product the company calls Nightingale. Development of Nightingale is ongoing and the technology is expected to be ready to demo from Q3 2022.
