Q-Bot, a robotics company focused on energy efficiency in buildings, has raised around £350,000 in new equity funding as part of a broader fundraising plan worth up to £1 million, according to EMV Capital (AIM:EMVC), one of its key backers.
The latest investment round also saw the conversion of approximately £865,000 in outstanding convertible loans and interest into equity.
The fundraising was arranged by EMV Capital Partners, the venture capital arm of AIM-listed EMV Capital.
The initial tranche has been secured largely from existing shareholders, with further commitments expected from both new and returning investors in subsequent closings.
Q-Bot plans to use the new capital to support its growth following a shift to a leaner, technology-led business model.
EMV Capital also converted its own outstanding loan into Q-Bot shares at a heavily discounted rate, a move intended to preserve its equity position.
Following the conversion and fundraising, EMV Capital now holds 30.2% of Q-Bot’s share capital, giving its stake a fair value of £1.4 million, a 71% increase since the end of last year.
Dr Ilian Iliev, CEO of EMV Capital and Investor Director of Q-Bot, said: "We are pleased to see this important first closing of Q-Bot's fundraising programme, and to have increased our interest in this exciting business through our capital-efficient convertible loans.
"After a challenging period, we believe Q-Bot is now well-positioned to move towards profitability with a strong team, a robust partner network and pipeline, a well-evolved product offering with a proven application, and a refreshed, lean operating model."