DroneShield Limited (ASX:DRO) has received commitments from institutional, professional and sophisticated investors to raise $2.55 million via a placement of shares at 21 cents each.
The funds will be used for further development of the company’s drone detection and countermeasure technologies and to increase stock levels.
READ: DroneShield secures NATO stock number for drone jammer
DroneShield achieved many significant milestones over the last four months, including:
• received a NATO stock number for DroneGun, a drone jammer providing a safe countermeasure against a wide range of drone models;
• first order for DroneSentinel, a product which combines all of DroneShield's detection sensors into one product;
• established a European demonstration hub and substantially increased the company’s level of engagement with governmental end-users around the world; and
• deployed DroneGuns with the Queensland Police for the upcoming Commonwealth Games in Brisbane.
READ: DroneShield launches compact and portable RadarZero for drone detection
Last month, DroneShield launched RadarZero, a compact drone detection radar product that is now fully commercialised and available for purchase.
At roughly the size of a paperback book, the product can detect drones up to 750 metres away and is much more affordable than the larger longer-range more conventional radars.
The company is offering it both as a standalone product and as part of the DroneSentinel drone detection and DroneSentry drone detection and mitigation platforms.