CloudTag Inc (LON:CTAG) has raised £500,000 through the issue of 4.35mln shares at a price of 11.5p per share, a premium of 4.5% compared to Friday’s closing price.

The company – which has now raised just shy of £3mln since April – said the cash will be used for “general working capital purposes”.

The personal well-being monitoring device developer also gave investors an update on recent progress.

CloudTag said it has completed its switch to a high volume manufacturer based in Malaysia as it looks to meet production needs for “the foreseeable future”.

It did add that it was putting in place some trade finance facilities to allow for even larger production levels if needed.

CloudTag has also added some new faces to its management team, with Bhav Dattani joining as head of European Sales and Rana Chatterjee being appointed as chief legal counsel.

Dattani, who has previously worked for the likes of Jawbone, Oregon Scientific and Sony, will initially be tasked with identifying new routes for consumer sales.

Chatterjee has been brought in as CloudTag looks to increase its commercial activities in both the EU and the US.

The company also explained that Second Chance – CloudTag’s principal customer – is continuing its discussions in order to build its order book for the rest of this year and into 2017.

The company’s share price has almost doubled in recent weeks and the directors reminded investors of the risks involved within the wearable tech industry.

“Good progress is being made on all fronts but it should be noted that CloudTag is entering a highly competitive market and faces many associated with such entry.”

The firm went on to add that it feels it is well-positioned to deal with any such problems.

Shares were up 0.6p, or 6%, to 11.75p.