IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF) has raised £620,000 through the placing of new shares at a price of 5p a share.
Trevor Brown, chief executive, subscribed for £150,000 worth of the placing shares to take his stake in the business to 28.94%.
The placing shares came with warrants to subscribe for a further 12,400,000 shares at a price of 7.5p per share, exercisable for 3 months.
Proceeds from the placing will be invested in the continuing development of the company's software platforms, IB Zero G, IB Trax and IB CAD for neuro-oncology image analysis and general working capital purposes.