Perth-based artificial intelligence developer Capability X is due to debut on the Australian Stock Exchange on November 12, subject to exchange admission and quotation requirements, after raising $12 million in an initial public offering. Its platform uses cameras, sensors and AI to monitor industrial workplaces for potential safety risks and identify possible bottlenecks.
The company, founded in November 2022 by chief executive Chris Eastwell, has developed a ruggedised computing unit called CX Edge that combines LiDAR sensors, stereoscopic cameras and proprietary AI software to create a three-dimensional "digital twin" of the surrounding environment. Capability X says its AI can recognise objects, movement and potential dangers.
Capability X’s CX Protect safety system uses the platform to monitor movements in environments such as ports, where cranes, trucks and workers operate in close proximity. The company says the intelligence it gathers can also reveal bottlenecks and unnecessary movements, potentially lifting customers’ productivity.
Eastwell, who previously ran Greatship Subsea Solutions in Australia and oversaw marine asset integrity for Fugro across Australia and New Zealand, largely bootstrapped the company for two years. Early consultancy and technology-design work involved WA Police in 2023 and subsea specialist Shelf Subsea.
A commercial breakthrough came in 2023 when ASX-listed Bhagwan Marine engaged Capability X to provide technology for remotely operating offshore equipment. That relationship has expanded into a multi-year arrangement covering the company's CX Remote, CX Connect and CX Protect systems, running through December 2028.
In December 2025, logistics company Qube Ports signed a three-year deal to deploy CX Protect across its port operations. Capability X has also secured a two-year agreement with Perth-based offshore operator GO Offshore, signed in November 2025, with three one-year renewal options.
The company operates from Telstra's International Telecommunications Centre at Cullacabardee, north of Perth. It leases its hardware and software to customers under multi-year subscription arrangements, generating recurring revenue.
Capability X has memoranda of understanding with an Australian and an international defence contractor and showcased its technology alongside Defence West at the 2026 Land Forces exposition. The company has also identified opportunities in Brunei’s oil and gas sector and has a memorandum of understanding with a Timor-Leste partner for potential applications in government infrastructure, remote operations and oil and gas.
US research and consulting firm Frost & Sullivan estimates the total addressable market across defence, oil, gas, mining and ports exceeds $280 billion annually, though that figure represents the broader market opportunity rather than revenue currently being generated or business immediately available to the company.
The float was run at 20 cents per share, following two seed capital raisings at 10 cents and 16 cents a share. The company plans to use the fresh capital to ramp up manufacturing, accelerate product development and push further into domestic and international markets.
Analysis
Why This Matters
- Capability X’s technology targets high-risk industrial environments, where workplace injuries are costly and often fatal; its AI-driven monitoring could help set new safety standards in ports, mines and offshore operations.
- The company's shift from selling hardware to a subscription model mirrors broader trends in industrial software, making it a potential bellwether for how AI companies can monetise physical-world data.
- The IPO gives retail investors a chance to back an early-stage Australian AI company focused on industrial applications, a sector often overshadowed by enterprise and consumer AI.
Background
Capability X was founded in Perth in 2022 by Chris Eastwell, who brought two decades of experience in marine and subsea operations. The company bootstrapped for two years before securing its first commercial contracts, eventually raising $4 million in two seed rounds before the $12 million IPO. Its technology is built around edge computing, processing data on site rather than in distant data centres, to enable faster, more reliable responses in environments where network connectivity may be limited. The company has already won awards, including the Robotics & AI Award at Perth’s Robopalooza festival in October 2025.
Key Perspectives
Chris Eastwell, managing director and CEO: "Our vision at Capability X is to keep people out of harm’s way while helping business to operate more safely, efficiently and productively – on a global scale."
What to Watch
- The company's ability to convert its memoranda of understanding with defence contractors into revenue-generating contracts.
- Whether the federal Industry Growth Program grant for $4.2 million is approved, which would significantly boost the company's R&D budget.
- International expansion into Brunei, Timor-Leste and potentially China, where the company has identified opportunities in oil, gas and ports.
- The success of the subscription leasing model in building recurring revenue and customer retention.
Checked
12 claims in this story checked against 1 source: 12 supported.
Show each claim
- SupportedCapability X is preparing for an ASX debut.The Age - Latest News: “Capability X is preparing for its ASX debut with $12 million in its back pocket”
- SupportedCapability X raised $12 million in its IPO.The Age - Latest News: “before supporting its $12 million initial public offering.”
- SupportedThe company's AI platform is designed to make industrial workplaces safer by monitoring people, vehicles and machinery.The Age - Latest News: “Together, they build a three-dimensional “digital twin” of the surrounding workplace, giving the AI a ringside seat as people, vehicles and machinery go about their business.”
- SupportedCapability X is due to debut on the ASX on November 12, subject to exchange admission and quotation requirements.The Age - Latest News: “The company has now wrapped up its float at 20 cents a share and will debut on the ASX on November 12 under the ticker CX8, subject to the exchange’s admission and quotation requirements.”
- SupportedCapability X is Perth-based.The Age - Latest News: “Perth AI developer Capability X”
- SupportedThe platform monitors industrial workplaces for potential safety risks and can reveal bottlenecks.The Age - Latest News: “Capability X’s CX Protect safety system uses the CX Edge platform and AI software to monitor those movements, identify dangerous proximity events and alert operators to emerging risks before an incident occurs. That intelligence could also reveal bottlenecks and unnecessary movements”
- SupportedCapability X was founded in November 2022 by Chris Eastwell.The Age - Latest News: “And if founder and chief executive Chris Eastwell gets his way”
- SupportedCX Edge combines LiDAR sensors, stereoscopic cameras and proprietary AI software to create a three-dimensional digital twin of its surroundings.The Age - Latest News: “At the heart of Capability X’s technology is CX Edge, a ruggedised computing platform that combines light detection and ranging (LiDAR) sensors, stereoscopic cameras, communications systems and proprietary AI software”
- SupportedThe Bhagwan Marine relationship is a multi-year arrangement covering CX Remote, CX Connect and CX Protect through December 2028.The Age - Latest News: “The relationship has since blossomed into a multi-year arrangement spanning CX Remote, CX Connect and CX Protect, delivering an integrated suite of communications and safety systems, according to the company’s prospectus. The agreement runs through December 2028.”
- SupportedQube Ports signed a three-year deal in December 2025 to deploy CX Protect across its port operations.The Age - Latest News: “In December 2025, Qube signed a three-year deal to deploy Capability X’s CX Protect technology across its port operations”
- SupportedGO Offshore signed a two-year agreement in November 2025 with three one-year renewal options.The Age - Latest News: “The agreement, signed in November 2025, includes three one-year renewal options.”
- SupportedFrost & Sullivan estimates the total addressable market across defence, oil and gas, mining and ports exceeds $280 billion annually; the figure is a broader market opportunity, not current revenue or business immediately available to Capability X.The Age - Latest News: “American market research and management consultants Frost & Sullivan estimate a theoretical global total addressable market exceeding $280 billion annually across defence, oil and gas, mining and ports. However, that figure represents the broader market opportunity rather than revenue currently being generated or business immediately available to the company.”
