Icetana Raises $4M to Enhance Growth Following SoftBank Partnership
Icetana AI secures $4 million in an oversubscribed placement to expand operations in Japan and the Middle East. The funds will support the development of its Antara Core technology and bolster its global growth strategy amid uncertainties regarding its Iraq Safe City project.
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Icetana AI has raised $4 million through an oversubscribed placement, issuing 125 million shares at 3.2 cents each. The funds will aid in the growth of markets, particularly Japan and the Middle East, and continue the development of Antara Core technology.
Despite facing challenges with its $1.7 million contract for Iraq's Safe City project, the company reported a 43% increase in recurring revenue to $1.3 million in the first half of the year. The partnership with SoftBank Robotics has further strengthened its position, making SoftBank the second-largest investor with a 17.6% stake. Market uncertainties persist, particularly regarding contract viability in Iraq, posing risks to revenue realization.
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