Versarien PLC, the advanced materials engineering group, has successfully raised £454,822 via a share placing.
The new investment will be used for general corporate and working capital purposes and to support operations before it brings in potential income from asset sales, investors were told.
In an update, Versarien said it is also focused on its turnaround plan, which includes supporting its scientific teams, leveraging its expertise in construction and textiles for a lean manufacturing approach, licensing its technologies and know-how, and selling off non-essential parts of the business.
"As we have previously announced, the company requires further funding to continue its turnaround strategy and we welcome the investor interest in this placing," said Versarian chief executive Stephen Hodge.
"We continue to focus on this strategy, pursuing an encouraging pipeline of commercial and R&D projects, as well as technology licensing opportunities. We look forward to updating shareholders on continuing progress in the coming months."
In all, 165 million new shares were issued at 0.275 pence a share.