Capability X takes AI brains to the industrial jungle
Perth AI developer Capability X is heading to the ASX with $12 million in the bank and multiple devices deployed, with technology targeting industrial safety and automation.
With the technology gaining commercial traction on home soil, Capability X is now casting its net beyond Australia’s shores. The company’s prospectus identifies contracts to supply its technology to Brunei’s oil and gas sector and is pursuing further deployments in other neighbouring countries. China is also on the radar, with opportunities identified in oil and gas and ports.
A memorandum of understanding with a Timor-Leste partner could open another door, with potential applications spanning government infrastructure, remote operations and the oil and gas sector.
American market research and management consultants Frost & Sullivan estimate a theoretical global total addressable market exceeding $280 billion annually across defence, oil and gas, mining and ports. However, that figure represents the broader market opportunity rather than revenue currently being generated or business immediately available to the company.
Perth corporate advisory outfit Westar Capital has played a key role in steering Capability X towards the ASX boards, backing its funding journey through two seed capital raisings worth $2 million each at 10 cents and 16 cents a share, before supporting its $12 million initial public offering.
The company has now wrapped up its float at 20 cents a share and will debut on the ASX on November 12 under the ticker CX8, subject to the exchange’s admission and quotation requirements. Armed with a fresh war chest, Capability X plans to ramp up manufacturing, accelerate product development and push further into domestic and international markets.
