Clear Leisure details plans to create digital models of London and Milan

Mon, 16th Dec 2019

Clear Leisure detailed plans to roll out two projects to create digital models of London and Milan. Clear Leisure currently expected that the total cost of completing the London digital twin would be approximately €5m and approximately €2m to complete the Milan digital twin. The projects could be used in relation to many activities including real estate planning and development, advertising, forensic analysis, security, training and gaming, the company said. Geosim, in which Clear Leisure held a 4.53% stake, would be the main developer for both projects. 'It is anticipated that phase one of the project, namely the collection of data and the development of 1 sq km of each digital twin, will take up to five months,' the company said. 'It is currently expected that it will take 18 months to complete the initial target size for London and 12 months in respect of Milan,' Clear Leisure said. It is intended that the acquisition of complete city airborne data and initial street level photographic and laser scanning data for both the London and Milan projects would be funded by a proposed €500K fundraising to be undertaken by each Newco - two new Italian domiciled companies set to be incorporated in the next few weeks. 'This initial funding is also expected to allow for the development of a 1 sq km 3D map rendering of each city. It is expected that each subsequent €500K of capital raised by each Newco will allow a further 12-14 sq km to be added to the 3D models,' it added At 9:57am: (LON:CLP) Clear Leisure PLC share price was +0.01p at 0.28p Story provided by StockMarketWire.com

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