IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF) has conditionally raised £250,000 through a placing of 25 million new ordinary shares at 1p per share.
Proceeds are earmarked to support work on clinical trials, and its expanded access program, plus investments aimed at accelerating organic growth.
The funding was arranged by stockbroker Peterhouse Capital, with both existing and new shareholders taking up shares.
Braveheart Investment Group plc, an existing shareholder, subscribed for 7 million shares, investing £70,000, and it will retain a holding of 29.35%.