X2M Secures A$1.1 Million Seoul Smart City Contract

• A$1.1 million contract for 50,000 HelpMe devices
• Total Seoul program now 150,000 devices
• FY27 contracted revenue around A$3 million
• Potential to scale to 1 million devices
• Partnership with Resi Ventures supports growth

Seoul Contract Boosts Device Deployment to 150,000 Units

X2M Connect (ASX:X2M) has expanded its footprint in South Korea’s burgeoning AI-enabled smart city market with a fresh contract worth approximately A$1.1 million from the City of Seoul. The deal calls for the delivery of 50,000 additional HelpMe personal safety devices by the end of December 2026, raising the total devices contracted under Seoul’s safety infrastructure program to 150,000.

This follow-up order builds on the successful deployment of the initial 100,000 devices supplied under X2M’s 2025 contract, which integrate with Seoul’s emergency response systems, CCTV networks, and control centres. Each HelpMe device acts as a compact, rechargeable keychain that alerts police and emergency contacts while sharing real-time location data to accelerate response efforts.

Real-Time Data Infrastructure Underpinning AI Ambitions

Beyond hardware, X2M’s platform includes an AI-based chatbot that handles operational inquiries, reflecting the company’s broader role in supplying the real-world data infrastructure critical for AI applications. Industry analyst Gartner forecasts that 60% of AI projects lacking AI-ready data will be abandoned by 2026, highlighting the strategic value of X2M’s technology that converts raw device signals into structured, actionable data.

This data layer is central to Seoul’s smart city vision, enabling emergency systems to respond dynamically based on live inputs from the HelpMe devices. The contract reinforces X2M’s leadership in the AI data supply chain, a growing priority as cities worldwide pursue AI-enabled public safety solutions.

South Korea Market Leadership and Growth Runway

X2M now serves 58 municipalities across South Korea, its largest market, with an addressable revenue opportunity estimated at around A$750 million upfront and A$30 million in recurring annual revenue, assuming full adoption of its remote monitoring technologies. Despite this scale, market penetration remains nascent, suggesting significant room for growth as adoption deepens and new services are introduced.

The Seoul safety program alone has the potential to scale to up to 1 million devices over time, aligned with the city’s broader public safety roadmap and South Korea’s security alarm mandates. Any expansion beyond the current order will require additional contracts, but the pathway to scale is clearly defined.

Momentum into FY27 Supported by Australian Partnership

This contract contributes to approximately A$3 million in already contracted revenue for FY27, underpinning a strong start to the financial year. It complements X2M’s recently announced five-year partnership with Resi Ventures to develop AI-enabled regional data centre and energy precincts in Australia, initially targeting the Miners Rest precinct near Ballarat in Victoria.

CEO Mohan Jesudason described Seoul as “one of the clearest examples anywhere of an AI-enabled smart city taking shape,” emphasising the company’s role in converting physical-world activity into structured data that powers emergency response. The Australian partnership adds a new dimension to X2M’s growth, expanding its AI-enabling smart city platform across multiple markets and product lines.

Bottom Line?

X2M’s Seoul contract win signals solid momentum in AI-enabled smart city deployments, with scalability and geographic diversification key to watch.

Questions in the middle?

• Will X2M secure contracts to scale Seoul’s program toward 1 million devices?
• How quickly will X2M’s Australian partnership with Resi Ventures translate into revenue?
• Can X2M deepen penetration across its 58 South Korean municipal customers?