Perth-based surveillance software firm icetana AI has raised $4 million in an oversubscribed placement to continue its growth in key markets like Japan and the Middle East.
Perth-based surveillance software firm icetana AI has raised $4 million in an oversubscribed placement to continue its growth in key markets like Japan and the Middle East.
The Kevin Brown-led company, which has developed self-learning AI software that detects unusual or interesting events across large surveillance networks, told the market today it had received the funds from institutional and sophisticated investors.
Built for scale, its technology eliminates the need for human operators to watch thousands of video streams; and the need for manual rule configuration on camera stream setups.
Offered at 3.2 cents per share, a nine per cent discount on the five day volume weighted average price, some 125,000,000 new shares were issued as part of the raise.
icetana AI chief executive Kevin brown said the oversubscribed placement showed the confidence investors had in the company.
"This capital raising positions icetana AI to accelerate its global growth strategy, particularly through scaling our partner network and expanding sales capability in key markets," he said.
"With increasing demand for intelligent, automated security solutions, we believe icetana AI is well placed to capitalise on the significant market opportunity ahead and drive growth in recurring revenue."
The company said the funds would also be used to continue development of its Antara Core technology, which offers on-site server hosting for its AI surveillance software, as opposed to cloud-based services.
icetana AI shares (ASX:ICE)
It's a play which could see icetana's technology deployed in some of the most sensitive industries by offering more thorough data protection and sovereignty controls.
Templar Corporate acted as lead manager for the placement.
icetana currently operates 19,000 cameras across more than 70 sites, and in 15 countries.
It has previously been backed by the likes of Laurence Escalante and WorleyParsons founder Peter Meurs.
The investor confidence comes after a topsy-turvey year for the company.
Shares are currently trading at 3.5 cents per share, down from the 2025 high of 5 cents per share.
The fall came amid continued uncertainty around the future of its $1.7 million contract for Iraq's safe city project in Baghdad.
The contract was originally secured with HTE Electronics Trading LLC in 2025.
Under the agreement, icetana would provide its AI video analytics software to manage surveillance in Iraq's capital.
But, in a statement released to the market in September—and reiterated in its February release of interim results—the company said there were concerns for the future of the project.
"icetana AI has attempted to engage with High Tech to seek clarification and confirm a revised deployment schedule. The company has yet to receive a response," it said in September.
“icetana AI remains included in the project scope, but project implementation risks remain due to broader ecosystem dynamics.
“Based on the above, there is material uncertainty regarding both the timing and the ultimate realisation of revenue from the Safe City project."
Interim results published in late-February were promising despite the Iraq contract trouble.
Recurring revenue lifted 43 per cent during the first-half to hit $1.3 million; while margins also grew.
An agreement with Japanese robotics giant Softbank Robotics Group Corp was also inked during the year, launching a three-year research and development partnership.
The Japanese tech giant's chief executive Kenichi Yoshida was added to the icetana board as part of that deal, while the Tokyo-based company also become the exclusive distributor of icetana AI in Japan.
SoftBank also become the firm's second largest investor with a 17.6 per cent stake.
That agreement also landed icetana its largest-ever domestic contract, a five year $376,000 deal with Millennium Services Group; a SoftBank-controlled security and cleaning services provider.
This month's raise is the first since Perth billionaire Laurence Escalante fully underwrote a $2.65 million placement through his office Lance East Office in January 2025.
That raise was to aid the company’s expansion into Iraq as part of the Baghdad Safe City project; the very project it now says it has concerns for the viability of.
Mr Esclante, the founder of VGW, first invested in icetana back in 2022 when venture capital fund Yuuwa Capital exited its investment.
His January 2025 underwriting lifted his stake in the firm from around 17 per cent to 37 per cent.
The subsequent SoftBank deal diluted his holdings to around 30 per cent.
It’s believed that came from Mr Escalante links to icetana chief executive Kevin Brown, with Mr Brown having worked in several key executive roles at VGW over a six-year period prior to joining icetana.
Curtin University - the institution from which the icetana's technology first spawned - still holds a 3.5 per cent stake in the company.
icetana also boasts backing from Tokyo Stock Exchange-listed Macnica Inc.
