As another industry ripe for takeover by artificial intelligence, security surveillance is transitioning to remote motion detection in a trend that tech company icetana (ASX: ICE) is set to capitalise on via a new partnership with security company Threat Protect (ASX: TPS).
The deal comes in the form of a Memorandum of Understanding (MOU) whereby the two companies will pursue a Proof of Concept that provides active monitoring services that could potentially be deployed through Threat Protect’s network of 70,000 customers.
“It is always a pleasure to see icetana’s Australian built technology being used by an Australian business leader in their field. This collaboration will drive our continued focus on developing solutions for guarding services clients globally and we are excited by the prospect of working closely with Threat Protect,” said icetana CEO, Matt Macfarlane
Surveillance technology developed by icetana is already used actively across shopping centres and prisons around the world where motion detection can create alerts to security rooms, reducing the need for human patrol.
Anecdotal feedback from existing icetana clients in the Middle East and Japan have indicated that deploying icetana software leads to reduced requirements for guards, with a net A$35,000 annual saving for every 100 cameras connected.
Threat Protect meanwhile, have indicated their intent to pursue the application of artificial intelligence in their service suite to enhance their offering.
“We are excited to be working with icetana to develop and explore further enhancements to our monitoring capabilities, allowing us [to] provide more effective monitoring solutions that can potentially be used throughout our network of approximately 70,000 customers,” said Threat Protect CEO, John Hallam.
The MOU at this stage is non-binding while neither Company has declared their expectations of increased sales volumes which would likely be dependent on the Proof of Concept in development.
In FY21, icetana reported $1.48 million in revenue which represented a 26% increase in revenue from the previous year. Over the same period, Threat Protect reported an 8% decline in revenue to $25.5m.
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