The company has developed Internet of Things (IoT) technologies that allow consumers to connect, monitor and control devices and appliances found in the everyday environment.
Xped is planning to utilise the new funds as working capital for its IoT technology and healthcare technology divisions.
The company is also expanding to smart home and consumer IoT solutions, professional healthcare technology and commercial and industrial IoT technology products.
Xped has already developed a number of innovative technologies and holds patents for these in multiple jurisdictions.
The company has two subsidiaries, JCT Healthcare Pty Ltd and Jackson Care Technologies Pty Ltd.
JCT Healthcare is a provider of communication solutions to the healthcare sector with products that are tailored for hospitals, aged care, independent living and disability care facilities.
Furthermore, Xped has created one of the world’s first human friendly solutions for the on-boarding, control and management of IoT enabled objects.
Importantly, the IoT market is estimated to grow to 50 billion devices, and an addressable global market of $80 billion by 2020.
Xped is well funded with a cash balance of circa $6.75 million as at 30 June 2017.