Veriluma Limited, with a business based on Australian defence intelligence analytical software, debuted on the ASX today in a backdoor listing through what was Parmelia Resources Limited.
A short time ago, the shares were up 25% to $0.099. The company raised $3.5 million through 50 million new fully paid ordinary shares at $0.07 each.
The analytics software was developed for the Australian Defence Intelligence Organisation, the federal government’s expert on global security, weapons of mass destruction, foreign military capabilities, defence economics and terrorism.
Veriluma’s software assists with rapid assessments of terrorism and national security threats using prescriptive analytics, which provides assessments about future outcomes and delivers a recommended course of action.
CEO Elizabeth Whitelock describes it as a way to make big decisions easier.
Veriluma already has a number of partnerships including Legal Logix, which is automating repetitive legal processes, and Marketlend, which uses Veriluma’s software to assess the risk of lending to a small to medium company.
“The legal space is ripe for disruption,” she told Business Insider.
“The focus that we are bringing to that area is driving consumer-led dispute resolution. For example, family law, and people going through divorces can actually drive the process rather than being driven by lawyers they can’t afford or trapped in a system they just don’t understand.
“That’s just one element. We’re also talking about personal injury, will disputes, estate services, immigration and employment. It’s about very much: how do we change it so that consumers are empowered rather than earning vast amounts of money for lawyers?
“We’ve had companies approach us from the US, Canada and the UK and we now have a number of opportunities there.”
The prescriptive analytics software market is expected to reach $1.1 billion in the next 3 years, with a 22% annual compound growth rate, according to analysts at Gartner.