Software developer icetana AI (ASX: ICE) has secured a $1.7 million order for its artificial intelligence (AI) video analytics solution from High Tech Enterprise, a network security firm based in Iraq. This marks icetana’s first sale in Iraq and is reportedly the largest order for its next-generation product offering.
The project aims to enhance security in the Iraqi capital, Baghdad, with the installation of a surveillance camera solution managed by icetana’s video analytics software. The solution will monitor the streets and improve public safety.
Proof-of-Concept Testing
icetana will provide its software to High Tech’s Dubai-based subsidiary, HTE Electronics Trading, for deployment in the Baghdad Safe City project. The order follows extensive proof-of-concept testing, during which icetana’s software demonstrated its full functionality for the project’s needs.
The software will enable various advanced security measures, including facial recognition, license plate recognition for Arabic plates, fire and smoke detection, left luggage detection, trespass and loitering detection, people and vehicle counting, and the detection of unauthorized access, irregular movements, and unusual directions.
Perpetual License Agreement
The agreement with High Tech is priced at a perpetual license fee of approximately $1.37 million, with an additional $344,000 service maintenance fee for the first year. After the first year, High Tech may choose to renew the service agreement, incurring an additional $344,000 fee per year. Licensing will begin once the software is implemented in May 2025.
Growth Opportunity for icetana AI
icetana AI’s CEO, Kevin Brown, emphasized that Iraq represents a significant growth opportunity for the company. “This initial sale is the largest-value contract in our company’s listed history and a major milestone,” he said. “We believe this is an exciting time for icetana AI, as our investments in the business begin to yield results.”
