Software developer icetana AI (ASX: ICE) has secured a $1.7 million order for its artificial intelligence (AI) video analytics solution from Iraq-based partner and experienced information and network security firm High Tech Enterprise.
The deal is the company’s first sale in Iraq and reportedly the largest order to date for icetana’s new-generation product offering.
The project aims to promote security measures in the Iraqi capital and will comprise the installation of a new surveillance camera solution managed by icetana’s video analytics software to monitor the streets.
Proof-of-concept testing
icetana will provide the software to High Tech’s Dubai-based subsidiary HTE Electronics Trading for deployment by the Baghdad Safe City project as the end user.
The order comes after extensive proof-of-concept testing in Iraq, in which icetana’s software was able to demonstrate all the functionality required by the Baghdad Safe City project.
This includes facial recognition, licence plate recognition for Arabic plates, fire and smoke detection, left luggage detection, trespass and loitering detection, people and vehicle counting, unauthorised access and the related detection of irregular movements and unusual directions.
Perpetual licence
The High Tech contract is priced on a perpetual licence basis at approximately $1.37m and includes a $344,000 service maintenance agreement fee for the first year.
Should High Tech choose to renew the service agreement after the first year, it will incur an additional $344,000 fee per year.
Licensing will begin once the software is implemented in May 2025.
Growth opportunity
icetana AI chief executive officer Kevin Brown said Iraq represented a large opportunity for the company’s additional growth.
“This initial sale is the largest-value contract in our company’s listed history and is a significant milestone,” he said.
“We believe it is an exciting time for icetana AI as our investments in the business bear fruit.”
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