Predictmedix Inc (CSE:PMED) (OTCQB:PMEDF) said it has closed a non-brokered private placement equity financing for gross proceeds of C$1,090,085, which the company expects will accelerate operations as it scales up its business.
Predictmedix said the strategic finance round brings it one step closer to its mission of becoming the first line of defence to improve workplace health and safety through the company’s artificial intelligence-powered technologies.
READ: Predictmedix's cutting-edge AI technology for infection and impairment testing gaining traction
Specifically, the company said the funds will be used to scale up operations in three key areas:
- Marketing operations and advertising for business development
- Hiring additional engineers to assemble and deploy its product suite across the globe as it keeps up with ongoing purchase orders and increased demand
- Research and Development to improve the efficiency of the company’s proprietary algorithms and commercializing additional software and product features to improve infectious disease symptom and impairment screening
The private placement consisted of 3,114,529 company units issued at a price of $0.35 per unit. Each unit is comprised of one common share of the company plus one warrant exercisable into a common share at an exercise price of $0.50 per share for a period of two years.
As well, Predictmedix noted that it recently entered the live event space with the deployment of the company’s Safe Entry Solutions unit at the Superbowl after-party held in Tampa Bay, Florida.
It described the event as being “incredibly successful,” as the company’s product deployments were able to immediately detect an individual that exhibited symptoms for coronavirus (COVID-19).
The company added that the story received national press coverage and made the front page of the 'Tampa Bay Times', reaching over 1.6 million weekly readers.
Predictmedix is an artificial intelligence (AI) company, which is developing disruptive tools for impairment testing and health care aimed at use across various workplaces and by law enforcement agents.
The technology uses facial and voice recognition to identify both cannabis and alcohol impairment by utilizing multiple features along with numerous data points.
Amid the current COVID-19 pandemic, the team realized the same multi-spectral imaging and AI methods could be deployed to identify virus symptoms and has developed its Safe Entry Stations.
Contact Sean at sean@proactiveinvestors.com