Australian artificial intelligence surveillance software firm iCetana is looking to raise $5 million in an initial public offering to become one of the ASX’s newest tech stocks by year-end.
The Perth-based company – which has established operations in Dubai, the UK and the US – is issuing 25 million shares at $0.20 each to potential investors with a view to applying the funds for an expansion of its AI-based surveillance products including research and development.
iCetana was formed in 2009 to commercialise technology created by researchers in the School of Electrical Engineering, Computing & Mathematical Sciences at Curtin University.
The technology had its beginnings as a PhD project exploring how to detect anomalies in compressed data.
Its development was funded by the Australian Research Council along with two other linkage projects – a three-year $747,000 project in 2005 to develop intelligent surveillance systems for the transport industry; and a three-year $340,000 project in 2008 to develop intelligent security for urban spaces.
iCetana plans to commence trading on the ASX under the ticker ICE.
iCetana has developed an AI-assisted video surveillance software known as iCetana Solution which employs machine learning techniques to provide automated real-time anomalous event detection in security, loss prevention, theft and health and safety applications.
The software learns activity patterns – as opposed to object or facial recognition – from fixed-field-of-view camera networks and creates a model of normal movement patterns and activity.
It uses algorithms to intelligently determine normal behaviour in each surveillance location and shows control room operators those camera views where unusual or abnormal behaviour is occurring.
Operators can review the activity in real-time and determine appropriate responses.
iCetana currently has over 20 active customers with operations in over 35 locations supporting more than 10,000 video surveillance cameras globally.
Customers are reported to have “profited enormously” from the technology – a US-based organisation recorded a reduction of 80% in response times to incidents; while a customer in the Middle East reduced its manned guarding budget by 10% within the first six months of adopting the technology.
Part of iCetana’s growth strategy involves expanding into new geographical markets in North America, Europe and the Asia Pacific region including Japan.
The company is also seeking to expand its product offering in additional vertical markets, such as prisons, hospitals and health care facilities, and financial services.