Asbestos remains the largest occupational killer in the UK today. Despite being banned in 1999, asbestos still kills some 5,000 workers per annum (UK). Greenwall is developing Asbestoprobe, which is expected to be the world's first handheld analyser that is specifically designed for the detection of asbestos to ensure early warning of the silent killer
- £425k+ spent since 2018 to develop Asbestoprobe, the product
- Asbestoprobe can cut existing analysis time from 2 days to 2 minutes
- Globally asbestos causes an estimated 107,000 deaths annually
- A Global Problem, Asbestoprobe aims to provide a Global solution
Asbestos was used in multiple global products. The challenge across the world is to quickly identify and contain this deadly material.
Current methods of detecting and recording the presence of asbestos are costly, invasive and slow. Physical samples are taken and sent to a laboratory for analysis, this can take 2 days.
Compared to this, Asbestoprobe is a disruptive technology which uses a point and click approach utilising NIR Spectroscopy and artificial intelligence enabling the analysis of asbestos in 2 minutes.
Asbestoprobe takes the existing reporting process using the Asbestoprobe app from 2 days to 2 minutes.
About 125 million people in the world are exposed to asbestos.
In Asbestoprobe's opinion, the asbestos industry is second only in legislation to 'nuclear'.
Greenwall's business plan aims to provide an annual software licensing model that grows through recurring revenue year on year.
Greenwall has an increasing global enquiry database which awaits its launch.
Asbestos detection has become one of the leading H&S issues of our time. Asbestoprobe's opinion is that the annual global market for asbestos management could be in excess of $1 billion, with the UK asbestos market for surveying and analysis to be in excess of £240 million.
Hundreds of thousands of tonnes of asbestos are still being mined and used across the globe today.
As with any investment, investing in Asbestoprobe carries a level of risk. Overall, based on the key risks highlighted below, the degree of risk associated with an investment in Asbestoprobe is higher than in a company that's trading on a public market.
Asbestoprobe is at one of the earliest stages of the business lifecycle, and the failure rate of companies at that stage is usually much higher than those at a later stage.
The number of transactions in shares of private companies is usually significantly lower than in public companies, typically resulting in it taking longer to sell shares in private companies at a price that is at least equal to the price that the shares were bought at. Accordingly, the Asbestoprobe investment opportunity is considered to be higher risk than more liquid companies.
References and notesEdit
- Source: the company and Crowdcube.