Western Australian start-up Capability X will look to expand deployment of its edge control hardware and software into industries such as mining on the back of a A$12 million initial public offering and planned November 2026 ASX listing.
The company claims to have generated revenue of more than A$3.6 million since its late 2022 incorporation and circa-$1.06 million in FY2026. It says it has been accepted into the Australian Government’s Industry Growth Program and has submitted a $4.2 million grant application.
“Our products and technology are deployed, revenue-generating and currently operating across marine and offshore energy as well as ports and logistics markets,” founder and CEO Chris Eastwell said.
“The IPO proceeds will give us the financial flexibility to pursue near-term opportunities in oil and gas, mining, defence and government, expand further into domestic and international markets, strengthen our engineering capability and continue our research and development.”
Capability X says increasing demand for edge control systems that “sit at the intersection of artificial intelligence, edge computing, industrial automation, industrial internet of things (IIoT), computer vision, digital twins and remote operations technologies” is being driven by adoption of remote operations, expansion of private 5G networks and increasing use of autonomous systems to improve workforce safety, asset utilisation and operational efficiency.
“The market remains fragmented and comprises semiconductor and AI hardware providers, edge infrastructure vendors, cloud and edge platform providers, industrial automation companies, connectivity providers, systems integrators and industrial software developers,” it says in its prospectus.
“Competitive success is largely influenced by technology differentiation, deployment expertise, operational data assets, industry positioning and commercial execution.
“Capability X occupies a differentiated position through its combination of AI, computer vision, edge computing and real-time digital twin capabilities, supporting remote monitoring, operational visibility, risk interpretation and autonomous decision-making across high-risk industrial environments.”
The company says it is “exploring expansion” into mining in Australia, first, to provide a springboard for any offshore push.
“Demand for critical minerals, battery materials and strategic resources continues to increase across the globe,” it says.
“Mining companies are investing more in digitalisation, automation and operational technologies to improve productivity, strengthen safety outcomes and enhance operational resilience.
“The increasing deployment of remote and autonomous operations, alongside worker safety solutions is driving demand for Edge AI control systems capable of supporting real-time monitoring, operational visibility, predictive maintenance and data-driven decision making in these environments.”
Capability X says it has lodged two provisional patent filings to protect its technology, “which leverages the company’s core capabilities in software and AI, remote robotic command and control, communications network design, deployment and operation and edge hardware device design and deployment”.
The company is chaired by former Australian federal government minister Ian Campbell and has former Hexagon Mining product manager Adrian Kirk-Burnnand as chief technology officer. Geophysicist Lex Simons, who spent 14 years at Woodside Energy, is chief commercial officer.
Capability X is looking to close the IPO on October 19. Westar Capital is lead manager to the offering.
