Seeing Machines Ltd (AIM:SEE, OTC:SEEMF) exceeded its target by bringing in a gross US$41mln via an oversubscribed share placing – US$1mln more than it set out to raise.
The cash injection will be used to accelerate the growth of its driver monitoring system, while also helping roll the technology out to other transport sectors.
New shares were sold at 11p each, a modest discount to Monday’s closing price, with institutional, industry and private investors taking part in the fundraiser.
Among them was the Canadian group Magna International (TSX:MG) Inc, a customer and vehicle systems specialist, which ploughed US$10mln into the issue.
"The investment by Magna, a leading global automotive supplier, demonstrates our mutual desire to seek out opportunities of growth, where it makes sense and where we know we can be successful, together,” said chief executive Paul McGlone.
“We have been extremely pleased that many of our existing institutions in the UK and the US have seen fit to participate, including our largest shareholders, and we are delighted to welcome a number of new institutions into Seeing Machines, through what was a very successful and over-subscribed placing, testament to the recognition of our ability to lead the DMS [driver monitoring system] market.
“I'd also like to thank our retail investors for their participation, we do not underestimate your loyalty and belief in our ultimate success and I am confident that our committed team will drive significant value back to our shareholders."
Seeing Machines set out as an expert in eye tracking and parlayed this into an in-cab product that helps transport and mining companies monitor the level of driver distraction.
The technology can also be used in aviation as well as the automotive by industry.