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Seeing Machines raises £31.57mln to leverage market opportunities

The firm, which develops operator monitoring technology for vehicles including cars and aircraft, raised £27.77mln in a share placing and director subscription, while the remaining £3.8mln was raised in an offer to qualifying existing shareholders
Self-driving car
When the placing was announced on 20 March, Seeing Machines said the proceeds would be used to scale up its Automotive division

Seeing Machines Limited (LON:SEE) has raised £31.57mln following a placing, a subscription and an offer of new shares.

The firm, which develops operator monitoring technology for vehicles including cars and aircraft, said it had raised £27.77mln in a placing and a subscription of new shares from various directors, which were announced on 20 March and 22 March respectively, while the remaining £3.8mln had been raised through an offer to qualifying existing shareholders.

The placing price for the shares was 3p each, a 35% discount to the closing price on 19 March.

At the time the placing was announced, Seeing Machines said the proceeds would be used to develop its core platform as well as increasing the headcount of its research and development team and scaling up its Automotive division.

Ken Kroeger, chief executive of Seeing Machines, said the funds would be “instrumental” in ensuring the company could continue to leverage market opportunities as they “rapidly grow and evolve”.

"We are very pleased with the continued support of our shareholders. The automotive and fleet sectors are increasingly recognising the risks posed by driver inattention and fatigue in single vehicles as well as across commercial and passenger transport. Our industry leading driver monitoring technology … has been consistently validated through regulatory and government recommendations globally.”

READ: Seeing Machines clinches new design win for FOVIO monitoring tech with US auto OEM

The company also said that all resolutions put to shareholders in its general meeting on Tuesday had been duly passed.

In mid-morning trading on Tuesday, Seeing Machines shares were steady at around 3.1p.

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