DroneShield Ltd (ASX:DRO) has received commitments from institutional and sophisticated investors to raise $2.32 million via a placement of shares at $0.20 each.
The funds raised from the placement will be used for the development of drone detection and countermeasure technologies, rollout of products and expansion of sales and marketing globally.
DroneShield has already developed drone security solutions that protect people, organisations and critical infrastructure from drone intrusions.
The company’s DroneGun, a stand-alone portable rifle-style jammer is currently undergoing multiple trials and governmental procurement processes globally.
When aimed at a drone and activated from over 2 kilometres away, it directs the drone to return to its launching point or forces it to simply undertake a controlled vertical landing.
The product was recently sold to the military of a G7 country via DroneShield’s distributor.
In July 2017, the company commenced work on the development of DroneSentry, an automated drone detection and countermeasure product with an anti-swarming capability.
DroneShield is aiming to commence production of DroneSentry in the fourth calendar quarter of 2017.
The company is currently in a number of bids and other sales processes with multiple customers, including a number of governmental customers globally.