icetana Limited (ASX: ICE) – AI Surveillance Footprint Expands with Strategic Moves in Iraq and Japan.
- Noel Ong
- Jul 10
- 7 min read
Announcements:
The AI Surveillance Opportunity: How icetana is Scaling
icetana Limited (ASX: ICE) is not a company looking to make headlines—it is one steadily building a global business in the high-growth AI surveillance sector.
Headquartered in Perth and operating across six continents, icetana has developed a proprietary self-learning AI software that monitors large-scale surveillance networks in real-time. Its core value lies in recognising unusual behaviour across thousands of CCTV feeds without pre-set rules—an elegant solution for industries overwhelmed by visual data and limited human monitoring capacity.
The company’s recent strategic progress includes two important developments that expand its commercial reach in Iraq and Japan.
Purchase Order: Baghdad Safe City Deployment
Announcement Date: 19 March 2025
Contract Value: A$1.7 million (US$1.1 million)
Client: High Tech Enterprise, via Dubai subsidiary HTE Electronics
Delivery Timing: Q4 FY25
In what is now icetana’s largest single contract to date, the company secured a $1.7 million software order for Iraq’s Baghdad Safe City Project. The agreement with HTE Electronics follows rigorous proof-of-concept trials where icetana’s AI solution demonstrated advanced surveillance capabilities, including:
Arabic licence plate recognition
Facial recognition
Detection of smoke, fire, loitering, and left luggage
Directional movement anomalies for people and vehicles
The deal is structured around a perpetual licence (US$874,815) and a first-year maintenance agreement (US$218,660), with the latter contributing ~A$344,000 to ARR. If extended, the maintenance revenue would continue annually.
CEO Kevin Brown commented:
“This initial sale is the largest value contract in icetana AI’s listed history and represents a significant milestone for our company.”
This contract also represents icetana’s first entry into the Iraqi market, positioning the Company to potentially support broader national Safe City rollouts in the future.
Strategic Partnership: SoftBank Robotics Group
Announcement Date: 7 June 2025
Total Value: A$3.6 million+
Key Components:
A$1.87 million equity investment (17.6% stake at 2c/share)
A$693,000 minimum ARR in Japan (12-month exclusive distributorship)
A$1.08 million in R&D collaboration over 3 years
In June, icetana announced a landmark strategic partnership with SoftBank Robotics Group, comprising four distinct agreements:
Equity Subscription: SoftBank Robotics Singapore acquired 93.6 million shares at $0.02, representing a 33% premium to the 15-day VWAP.
Exclusive Distribution in Japan: A 12-month exclusivity period with a guaranteed revenue floor of US$450,000, aimed at scaling adoption through SoftBank’s network.
Joint Development Program: A$1.08 million in co-funded R&D to integrate icetana’s AI with SoftBank’s robotics and automation platforms.
Board Rights: SoftBank reserves the right to nominate a non-executive director while holding a minimum 10% stake.
This strategic foothold builds on icetana’s earlier work with Macnica, Inc., and strengthens its presence in Japan’s enterprise and public sector markets.
Kevin Brown commented:
“This partnership not only accelerates our expansion into key markets but also integrates our technology into some of the world’s most advanced security platforms.”
Key Company Metrics – March 2025 Quarter
Annual Recurring Revenue (ARR): A$1.7 million
Net ARR Retention: 99% (▲1% QoQ)
Total Revenue (Q3 FY25): A$435,000
Gross Margin: 81%
Cash Balance (31 March 2025): A$2.24 million
Average Monthly Operating Cash Outflow: ~A$220,000
Customer Cash Receipts (Q3 FY25): A$178,000
New Customer Orders (Q3): Includes A$1.7m order from High-Tech (Iraq) and Singapore’s Henderson Technology
Customer Sites: 70+ globally
Active Cameras Under Licence: 16,000+
Countries Deployed: 15+
What Makes icetana Different?
icetana stands out by offering a self-learning AI surveillance system that requires no manual configuration and begins detecting anomalies within 24 hours. Its real-time alerts, scalability across large networks, and ability to significantly reduce false alarms make it ideal for high-demand environments. Deployed in over 75 sites across 15 countries, icetana’s flexible hardware and cloud solutions cater to industries ranging from public safety to retail and education.
Figure 1: icetana AI core product, Safety and Security, connects with your existing security cameras to detect unusual or interesting events across large surveillance networks. (source: ICE)
Self-Learning AI: No need for manual rule setting—icetana’s AI learns what’s “normal” for each camera within 24 hours.
Real-Time Anomaly Detection: Instantly detects and alerts to unusual behaviours as they happen.
No Configuration Required: Deploys quickly without complex calibration or custom setup.
Scalable Across Networks: Handles thousands of camera feeds across multiple locations with ease.
Reduces False Alarms: Intelligent event filtering minimises noise, helping operators focus on real threats.
Hardware & Cloud Options: Offers flexible deployment—on-premise, cloud-based, or hybrid.
Industry-Agnostic: Used in retail, transportation, public safety, education, hospitality, and guarding services.
Proven Global Footprint: Installed across 75+ sites, 16,700+ cameras, in 15+ countries.
Kevin Brown, CEO of icetana AI, commented:
“Adding to our existing partnership with Macnica, this agreement with SoftBank Robotics Group represents a major step forward for icetana AI in Japan. Their global leadership in AI and commercial scale in Japan create an ideal launchpad for our next phase of growth. This partnership not only accelerates our expansion into key markets but also integrates our technology into some of the world’s most advanced security platforms.”
Why the Market Is Watching
The global video surveillance industry continues to expand at pace:
13.7% CAGR forecast between 2024 and 2028
1+ billion CCTV cameras deployed in 2024, projected to surpass 6 billion by 2030
Growing government investment in Safe City initiatives, critical infrastructure, and AI-enhanced public safety systems
In this context, icetana is positioning itself as a high-value player in AI-enabled surveillance, offering a scalable, self-learning platform for real-time anomaly detection across complex environments. Whether it’s shopping malls, universities, transport networks, or nationwide security deployments, icetana’s enterprise-grade solution is built to operate at scale, with minimal configuration and long-term recurring value.
Samso Concluding Comments
icetana is not a company that I have a lot of exposure to in my investing space, but it is definitely a breath of fresh air. For me, the two deals we discussed, first with High Tech in Iraq and now with SoftBank in Japan, are impressive and should create what I call a base for expansion. Good sales deals help with potential future deals.
The Baghdad Safe City contract confirms product-market fit for icetana in one of the world’s most complex environments. The SoftBank Robotics partnership, on the other hand, opens up opportunities to embed icetana’s tech into next-generation robotics platforms and create new commercial channels in Asia.
With a relatively modest market cap and a strong strategic partner now sitting on the register, there’s an argument to be made that icetana may be underestimated.
Samso’s not saying it’s a must-buy—but for those following the AI security space, this might be one to put on your watchlist. As always, the story is in the execution.
As always, this is not a recommendation—Samso doesn’t make those. But for those watching the AI space—especially where it intersects with infrastructure, surveillance, and automation—icetana’s moves over the past few months might be worth noting. The company is still under the radar in valuation terms, yet has now found itself partnered with global names that tend to think long-term.
Maybe it’s not about chasing the next big hype cycle. Maybe it’s about finding companies like this—ones that are doing the work.
The Samso Way – Seek the Research
Pampa Medina is emerging as more than a satellite target—it now has the footprint, grade profile, and geological scale to potentially reposition Marimaca’s district narrative. What started as a shallow oxide exploration play now contains high-grade sulphide mantos with strong stratabound controls. For investors, this means there is now a clear dual pathway to value: the near-term MOD oxide development and the longer-term district sulphide potential led by discoveries like SMRD-13. The context of low altitude, proximity to infrastructure, and Chilean jurisdiction adds further weight. Do your own work, but this is definitely one to watch.
Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity.
Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:
There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals.
Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete.
The Samso Philosophy:
Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value.
In Life, there is no such thing as a Free Lunch.
Happy Investing, and the only four-letter word you need to know is DYOR.
To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018.
Disclaimer
The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints.
Share to Grow: Your Bonus
Samso has just released an eBook: How to Add Value to your Share Portfolio
A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.
If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au.
Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.
Comments