Why iCetana chief Chris Farquhar raised $8 million for a company that’s been profitable for years
Summary
The chief executive of Western Australian video surveillance software firm iCetana says the company had been profitable for years but the $8 million in external funding it secured this month will strengthen its position as a global player. iCetana, located in Subiaco and Dubai, provides a system that uses machine learning and computer vision to help alert surveillance camera operators to “abnormal” activity. “We’ve proven our business is profitable … [but] technology has a closing window of opportunity until someone tries to replicate what you’re doing,” Farquhar tells StartupSmart. Reflecting on the investment process, Farquhar says taking time to put together clear documentation for investors is critical and it really smoothened the fundraising experience for iCetana. Farquhar says iCetana’s latest investment round took about six months to close but the funding could have been secured earlier if the company wanted to.
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