Australian firm OpenDNA, which offers a proprietary personalisation technology for iOS, Android and Web-based platforms, said today that its IPO on the Australian Securities Exchange has been oversubscribed, with A$8 million ($5.97 million) raised.
OpenDNA has developed proprietary artificial intelligence (AI) and machine learning technology that can assist digital businesses across industry verticals. The company’s shares dropped 3.5¢ from its 20¢ listing price to finish its first day of trade yesterday at 16.5¢. Its Crunchbase profile states that as on 26 June 2015, it had raised $1.1 million in seed funding.
With patents pending for the technology, the company claims that OpenDNA business customers can access detailed, accurate and up-to-the-second profile of the likes, dislikes and interests of individual users via iOS, Android or web-based platforms in real-time, mapping users’ interactions and engagements.
This enables businesses to tailor the online information – products, articles and content – that individual users want to see. According to the company, this differentiates its from existing business analytics tools by providing only a high-level and historical view of users’ interests, demographic or social data.
It captures real-time psychographic data – the study and classification of people according to interests and depth and relevance of these interests – of its community of users. This helps enterprises to understand customers’ propensity to engage.
This profiling maps user interests and patterns, allowing for profiling of the spectrum of their interests. These profiles, which are generated and updated automatically, as they engage with OpenDNA-powered apps and websites, combined with users possessing ongoing access to their interest profile so that they can instantly manage and control the content that is delivered to them based on what they want, is claimed to be a key differentiator.
OpenDNA CEO Jay Shah, who is based in California and holds 25 per cent of the corporation, has reported that OpenDNA has a post-marketing capitalisation of $20 million. He explains that IPO funds will be used to “fully commercialise our proven personalisation technology and accelerate business development, sales and marketing.”
OpenDNA’s senior management team also includes Chairman Grant Pestell, who also serves as a non-executive director on the Board of local IT firm ASG Group, and COO Kevin Fell, most recently the Regional Director of Technology consulting for PwC in Singapore.
The company maintains offices in Australia, Singapore and the UK, and a business presence in the US. Its listing comes after developing, refining and demonstrating its technology through several proprietary applications (including the news content app Jottr and political content apps JottrElect, HillaryElect and TrumpElect) released in Apple’s AppStore over the last 18 months.