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Nearmap share price on watch after exciting new product launches

James Mickleboro
Aerial view of Sydney

The Nearmap Ltd (ASX: NEA) share price could be on the move on Thursday after the aerial imagery technology and location data company announced the launch of new products.

What was announced?

This morning the company announced the launch of Nearmap 3D and the beta version of its artificial intelligence product.

According to the release, Nearmap 3D gives users the ability to stream and export 3D imagery on-demand at massive scale through the MapBrowser web application.

The release explains that this gives its customers a fully-immersive 3D experience and allows them to visualise cities in 3D from any direction, measure distances, and export custom areas in a variety of 3D formats.

Management believes this will fundamentally change the way industries such as urban planning, architecture, construction, and government view and shape cities across both Australia and the United States.

In addition to this, the company has launched the beta version of its artificial intelligence product.

The release advises that Nearmap has built highly accurate machine learning models and deployed them on a massive scale. This has turned millions of aerial images, which have been captured multiple times each year over the last decade, into valuable datasets.

Management explained that these datasets can be used to accurately and efficiently measure changes and quantify attributes. This could be for things such as solar panels, pools, roofs, or construction sites.

The company expects organisations and cities of all sizes to be able to take advantage of AI-driven location intelligence and is busy inviting customers to take part in its beta program.

Nearmap’s managing director and CEO, Dr Rob Newman, said: “Product innovation is in our DNA. Everything we do has the customer at the core. Our customers’ worlds are evolving every day. We need to keep innovating to continue to give our customers a competitive advantage through technology breakthroughs such as those that we’re launching today.”

Dr Newman explained that the Nearmap 3D launch is what its customers want and expects it to “transform the aerial imagery market.”

Both technologies will be presented at a customer event in Perth later today.

It is innovation like this that makes me confident Nearmap has a very bright future ahead of it along with Altium Limited (ASX: ALU), Appen Ltd (ASX: APX), and these two exciting tech shares.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia owns shares of Altium and Appen Ltd. The Motley Fool Australia has recommended Nearmap Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019