Insig AI PLC (AIM:INSG), the London-listed tech start-up, rallied 15% on Wednesday after it announced that it successfully raised £813,000 through an equity subscription.
Some 6.5 million ordinary shares were issued at 12.5p per share, representing around a two percent discount to Tuesday’s closing price.
NR Holdings, the trust controlled by British financier and Volex chair Nathaniel Rothschild, was Insig’s biggest investor, picking up a £750,000 stake in the machine learning group.
Insig AI’s chairman John Wilson subscribed for £62,500 worth of shares.
Proceeds from the share sale are expected to be used to invest in sales and marketing efforts as well as for working capital needs.
Richard Bernstein, chief executive at Insig AI, said: "We're delighted to welcome a new investor of this calibre at a time when the Company is laser focused on converting its strong machine learning repository and data science capabilities into client wins and growing and sustainable revenues."