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iCetana IPO

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LETTER FROM THE CHAIRMAN

Dear Investor

On behalf of the Board of iCetana Limited (iCetana or the Company), I am pleased to present our Prospectus and to invite you to become a shareholder in iCetana, an emerging leader in the fast growing video surveillance software analytics market. iCetana has reference clients across a number of regions, and a range of key verticals and is positioned strategically for growth in the market for security video analytics and the use of artificial intelligence (AI) and machine learning.

iCetana was formed in 2009 to commercialise technology developed by researchers in the School of Electrical Engineering, Computing and Mathematical Sciences at Curtin University. The research and technology allows for the efficient analysis of very large data sets to identify anomalous activity and events outside normal patterns.

iCetana has successfully commercialised the technology by developing Artificial Intelligence (AI) assisted video surveillance software using machine learning techniques to provide automated real time anomalous event detection (iCetana Solution) for use cases including security, loss prevention, theft and health and safety. The iCetana Solution integrates with existing video surveillance systems or can be deployed to directly interface with surveillance camera feeds. The software ‘learns’ activity patterns (not object or facial recognition) for fixed-field-of-view cameras and creates a model of ‘normal’ movement patterns and activity. After the learning phase, the software then reports anomalous or unusual movement patterns and activity in real-time, through a user interface that highlights those anomalous events and activity.  Security operators, typically based in operations centres, can review the unusual events or activity and determine appropriate responses.

The Directors are of the view that an investment in the Company provides the following non-exhaustive list of advantages: 

  • Attractive Total Addressable Market and market growth: The analytics-based video surveillance market, within which iCetana operates, is a large global addressable market that is forecast to grow significantly over at least the next four years.
  • Recurring revenue: iCetana’s business is transitioning swiftly to a Software as a Service (SaaS) operation, allowing the Company to build recurring revenue streams.  This is complemented by a non-SaaS direct-licensing model which includes recurring maintenance fees where customers or markets have a strong preference for such
  • Direct and indirect Go-To-Market models: iCetana has partnered with industry leaders including Chubb as licensed resellers and system integrators for greater coverage in our go-to-market and lower costs of customer acquisition. Moving forward, we expect to extend the range of partners in our portfolio and anticipate sales to continue to transition towards this partner channel to complement our direct sales efforts.

  • Sustainable Market Differentiation: The Directors believe that iCetana is the only proven commercially available non-rule-based AI motion anomaly detection solution for diverse large scale surveillance networks. 


The Company is led by an experienced management team and Board with deep software industry experience, product management skills and B2B go-to-market capabilities. The management team is strongly encouraged to grow the business in the short to medium term across key geographies (Europe, North America, APAC and the Middle East).

To date, significant traction has been made in securing enterprise grade customers and the Company currently has over 20 active customers across a number of core industry verticals with installed sites in over 35 locations supporting in excess of 10,000 video surveillance cameras globally. The product has application to multiple customer segments and use-cases and will be adding use-case support for additional industry verticals as part of the product development roadmap (e.g. prisons, healthcare and financial services).

The Company is seeking to raise $5,000,000 under the Public Offer. The funds will predominantly be used to expand our go-to-market activities, ongoing research and product development, working capital and the expenses of the Offers. 

Our Prospectus contains detailed information about the Offers and the current and proposed operations of the Company, as well as the risks pertaining to an investment in the Company. Potential investors in the Company should carefully consider those risks, which are summarised in Section 3.

We look forward to welcoming you as an investor should you decide to apply for Securities pursuant to the Offers.

Yours faithfully

Mark Potts Board

Mark Potts

Non-Executive Chairman
iCetana Limited

Key dates:

Offer opens: 25 November 2019

Offer closes: 6 December 2019

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