Icetana aims to expand in the Middle East market with new capital
Perth-based artificial intelligence company Icetana has announced that it has raised $2.3 million in a recent funding round, which included an investment from the family office of VGW founder Laurence Escalante. VGW is a leading online gaming platform that reported a revenue of $2.2 billion last financial year.
Icetana develops video analytics software that uses machine learning to monitor thousands of cameras and detect anomalies in real time. The software can be used for security, safety, and operational efficiency purposes in various sectors such as retail, transport, education, and healthcare.
The company said that the new capital will be used to expand its presence in the Middle East market, where it has already secured several contracts with government agencies and private entities. Icetana’s CEO Matthew Macfarlane said that the Middle East region was a strategic focus for the company, as it offered a large and growing demand for smart city solutions.
Laurence Escalante praises Icetana’s technology and vision
Laurence Escalante, the founder and CEO of VGW, is one of the most successful entrepreneurs in Perth, with a net worth of over $1 billion. He is also a major investor in CarExpert, a leading Australian car website that is considering expanding into the WA market.
Escalante said that he was impressed by Icetana’s technology and vision, and that he believed the company had a huge potential to scale globally. He said that he was excited to support Icetana’s growth and innovation, and that he hoped to leverage his network and experience to help the company achieve its goals.
Escalante also said that he was proud to back a local Perth company that was making a positive impact on the world with its cutting-edge AI solutions. He said that he hoped to inspire more WA entrepreneurs to pursue their dreams and create world-class products and services.
Icetana faces challenges and opportunities in the AI industry
Icetana was founded in 2009 as a spin-off from Curtin University, and has since grown to become one of the leading AI companies in Australia. The company has won several awards and recognition for its innovative technology, such as the WA Innovator of the Year Award in 2016 and the Australian Information Industry Association iAward in 2017.
However, the company also faces some challenges and opportunities in the competitive and fast-changing AI industry. The company reported a net loss of $3.4 million for the 2020 financial year, and said that it was impacted by the COVID-19 pandemic, which delayed some of its projects and contracts.
The company also said that it was exploring new opportunities and partnerships in other regions, such as Europe, Asia, and North America, where it sees a growing demand for its video analytics software. The company said that it was confident that it could achieve its revenue and profitability targets in the coming years, as it continues to improve its technology and expand its customer base.
