Artificial intelligence firm plans ASX listing

Artificial intelligence company OpenDNA has announced plans to list on the ASX, with Perth-based stockbroker Argonaut to lead a $10 million initial public offering.

OpenDNA is a customer intelligence platform that creates a 360 degree view of application users’ interests and provides businesses with a single view.

The technology builds detailed psychographic maps on individual users based on their interactions with their commonly used apps.

OpenDNA has appointed Argonaut as lead manager for its IPO, in which it hopes to raise at least $8 million and up to $10 million through the placement of shares at 20 cents each.

The company has a registered office and principal office in Perth.

“With the roadshow under way, we are extremely excited with the market’s response so far,” OpenDNA managing director Jay Shah said.

“With the injection of funds, we look forward to being able to significantly scale our customer and reseller networks.”

OpenDNA’s board comprises chairman Grant Pestell, who also serves as a non-executive director on the board of local IT firm ASG Group, and non-executive director Evan Cross, who also serves as a director on the boards of MyFiziq and Activistic.

“The company has developed exciting and proprietary artificial intelligence and machine learning software that is of potential use to any website, mobile application or digital platform that sells content, or sells products or services, as well as any platform or e-business that wants better data analytics in relation to its individual users,” Mr Pestell said in OpenDNA’s prospectus.

“Personalisation is a key trend in digital analytics and important for online businesses generally, regardless of industry sectors. OpenDNA’s technology delivers effective personalisation.

“OpenDNA customer businesses are charged monthly licence fees based on the number of individual user profiles in their user base, as well as further monthly fees depending on the users’ level of activity within each participating platform.”

OpenDNA was founded by Mr Shah, who has led several business ventures in Europe, North America and Africa.

He has founded and served as CEO of five companies that have collectively involved software development, VoIP and mobile telecoms.

OpenDNA hopes to begin trading on the ASX by November 11.