Perth-based safety technology developer Capability X has closed its $12 million initial public offering, locking in investor backing ahead of its scheduled debut on the ASX next month.
Managed by lead broker Westar Capital, the fully subscribed offer will see the company issue 60 million shares at 20 cents each, giving the business an indicative market capitalisation of approximately $34.5 million upon listing.
Following the lodgement of its prospectus on October 2, Capability X is scheduled to commence trading under the ticker code CX8 on November 12.
Founded in November 2022 by managing director Chris Eastwell, Capability X has developed CX Edge, an all-in-one lidar camera and Edge AI control system that acts as a real-time digital safety monitor in hazardous industrial environments.
By processing data at the point of activity rather than relying on remote data centres, the system tracks how personnel and machinery interact to pre-empt and prevent workplace incidents.
Mr Eastwell said the response to the capital raising reflected investor confidence in the company’s technology and commercial rollout.
"We look forward to using the funds raised to build Capability X in size, profile and value and execute on a busy 12-month program," he said.
"Since founding Capability X in 2022, we have achieved rapid growth and rising demand from an excellent customer base across target sectors. Importantly, we developed our bespoke software and hardware alongside industry experts, to solve challenges that were already real and persistent."
The company’s systems are already deployed and generating recurring subscription revenue across the marine, offshore energy, ports, and logistics, with an existing client base that includes WA Police, Bhagwan Marine, GO Offshore, Qube Ports, and the government of Timor-Leste.
Proceeds from the float will used to scale deployment of CX Edge across oil and gas, government, and infrastructure markets, while funding expansion into mining and defence.
According to its prospectus, approximately $4.7 million will go toward research, development, and wages, $2.1 million toward securing hardware inventory, and $3.6 million will be retained as working capital.
Capability X is chaired by former Howard government cabinet minister and ex-ASG Group chair Ian Campbell.
Its executive ranks include chief commercial officer Lex Simons, a geophysicist who spent 14 years at Woodside Energy, and chief technical officer Adrian Kirk-Burnnand.
The company holds two provisional patent filings protecting its software, AI, and remote robotic command systems, and was recently named a finalist in the growth category for the 2026 WA Innovator of the Year awards.
