Ondo InsurTech has raised £815,000 from an oversubscribed placing and subscription after an approach from a major shareholder.
Standard market-listed Ondo said the shareholder wanted to provide additional working capital to support the deployment pipeline of the LeakBot water leak spotting system.
Shares were issued at 12p a share with a matching warrant issue exercisable at 20p per share for 3 years.
Chairman Mark Wood took up 133,500 ordinary shares, non-exec Andy Morrison 200,000 and Kevin Withington, Chief Financial Officer, 20,000.
Craig Foster, Ondo’s chief executive, added: "We are very pleased with the development of the business which has met and then exceeded expectations set at the time of the RTO and we are delighted with the strong support of existing shareholders in this fund-raising.”