An invention developed at labs at the Australian National University could transform the way driverless cars safely navigate our streets.
Physicists at the ANU have set up a company to commercialise their work. They believe their idea will dramatically bring down the cost of "autonomous vehicles", and so make a mass market much more reachable.
ANU physicist Chathura Bandutunga said the company he and his colleagues have formed, Forge Photonics, has received serious interest from two car companies.
The essence of their idea is that driverless cars need very exact systems of navigation. They need to be able to "see" exactly where they are in relation to other objects - including pedestrians and other cars on the road. But the equipment to do that at the moment is very expensive.
Dr Bandutunga went back to the basics of the machinery - particularly a gyroscope - and redesigned it from scratch. He said that the result was a gyroscope which was very accurate but a fraction of the cost of existing ones.
Gyroscopes are already used in submarines and aircraft to show the exact position of the vessel or plane on the earth - but they are very expensive. Dr Bandutunga believes the ANU gyroscope can do the job at an affordable price - and that would make driverless vehicles much more commercially viable.
The way ideas which come from the publicly-funded ANU are turned into money-making ventures involves attracting big money from outside investors. The usual deal is that the investors get a cut of any profits and some also goes back to the ANU.
In this case, two groups are backing the commercialisation of the ANU idea: venture capitalists IP Group and superannuation fund Hostplus.
The federal government has also put $200,000 into the project to help it become commercial.
"Self-driving cars need to know where they are, otherwise they can crash and cause damage, injuries and death," IP Group head Eeshan Kulkarni said.
"Current navigation technology at a level that provides the desired degree of safety is uneconomical, and the solution developed by the Forge team can unlock the potential for widespread adoption."
The terms of the deal - who gets what money if it's profitable - are being kept secret.
But the ANU was pleased with the deal linking its publicly-funded work with outside companies.
"I'm delighted that Forge Photonics is embarking on this collaboration with IP Group and Hostplus," the ANU's deputy vice-chancellor Lachlan Blackhall said.
"This partnership highlights the critical role of fundamental research in addressing important industry challenges, and positions us at the forefront of the global autonomous vehicle technology boom. We look forward to the continued success and impact of Forge Photonics over the years ahead."
