Western Australian based dynamic live security monitoring company iCetana Pty Ltd (“iCetana” or “the Company”) has raised $8 million in a funding round led by Go Capital with participation from the Delcor Family Office, a range of angel investors and existing investor Yuuwa Capital.
Subiaco based iCetana was founded in 2010 as a spin out from Curtin University, and utilises computer vision, machine learning, adaptive algorithms and pattern recognition to establish ‘normal patterns of motion’ for surveillance cameras. The system then automatically selects and displays to operators only those cameras currently viewing unusual or abnormal motion activity in real-time.
Commenting on the successful completion of the funding round, iCetana Chairperson, Rohan McDougall, said, “iCetana is seeing a significant increase in international demand for its product and now has installations in 10 countries. The board is excited to welcome new investors, including Go Capital, to the company to join us on the next phase of growth”
The Company, which currently has a range of high profile clients in several countries spanning Australia, Europe, the Middle-East and the USA, achieved profit in 2016 of $1.4 million on revenues of $4.9 million.
iCetana supplies and sells a complete software system which is installed and deployed on a specially configured hardware server that clients can purchase from existing vendors. Customer networks of up to 2,000 cameras are currently installed and a typical 500 camera system can be implemented within weeks. Each server can monitor in excess of 100 concurrent camera streams. Unlike many other video analysis offering the iCetana system is generally implemented across all cameras in a network.
iCetana has a global video surveillance market focus within the key vertical markets of public transport, public infrastructure, retail shopping malls/precincts, educational campuses and utilities. The Military and Defence market is a new focus iCetana will address with this funding.
Go Capital Chairman Geoff Pritchard, who has joined the board of iCetana following the raise, added, “Go Capital is pleased to have led the investment round into iCetana. The quality of the team, the traction that the business has achieved with a global, blue-chip client base and the technology that applies machine-learning/artificial intelligence to big data in the video surveillance sector, developed and refined over seven years and with significant currency in the global environment in which we now live, means that we believe this business has substantial upside.”
The capital raised will be primarily focused on rapid international market expansion in the Middle-East, Europe, South East Asia and the Americas. Product enhancements will focus on turnkey deployment, and channel-ready features, and customer workflow to provide end-to-end incident identification and response.