Wednesday, 10 May 2017 01:38

iCetana completes $8m capital raise to fund global expansion

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Western Australia-based Curtin University spin out and dynamic video security monitoring company iCetana has raised $8 million in a funding round to help boost its coffers as it looks to expand further internationally.

The funding round was led by Go Capital with participation from the Delcor Family Office, a range of angel investors and existing investor Yuuwa Capital.

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”.

According to McDougall, the company is seeing a significant increase in international demand for its product and now has installations in 10 countries as it prepares for its next phase of growth.

{loadposition peter]iCetana was founded in 2010 as a spin out from Curtin University, leveraging unique anomaly detection algorithms developed in the School of Computer Science.

The iCetana system utilises computer vision, machine learning, adaptive algorithms and pattern recognition to establish "normal patterns of motion" for surveillance cameras, and the system then automatically selects and displays to operators only those cameras currently viewing unusual or abnormal motion activity in real-time.

McDougall says iCetana has a range of high-profile clients in several countries spanning Australia, Europe, the Middle-East and the US, and achieved profit of $1.4 million on revenues of $4.9 million in 2016.

And McDougall noted that 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, with the military and defence market a new focus the company will address with the new funding.

He cited figures showing that the total video surveillance market is expected to grow to US$71.28 billion by 2022 at a compound annual growth rate of 16.6%, with the surveillance camera numbers expected to increase by approximately 46% by 2022.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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