The money will be used to accelerate the growth and deployment of its driver monitoring system
Seeing Machines Ltd (AIM: SEE, OTC: SEEMF) exceeded its target by grossing $ 41 million gross through an oversubscribed stock placement – $ 1 million more than it had planned to raise.
The cash injection will be used to accelerate the growth of its driver monitoring system, while also helping to deploy the technology in other transportation sectors.
New shares were sold at 11 pence each, a modest discount from Monday’s closing price, with institutional, industrial and private investors taking part in the fundraiser.
Among them, the Canadian group Magna International (TSX: MG) Inc, specialist in client and vehicle systems, which has invested US $ 10 million in the issue.
“The investment from Magna, one of the world’s leading automotive suppliers, demonstrates our mutual desire to seek growth opportunities, where it makes sense and where we know we can succeed, together,” said the Managing Director Paul McGlone.
“We are extremely pleased that many of our existing institutions in the UK and US saw fit to participate, including our major shareholders, and we are delighted to welcome a number of new institutions to Seeing Machines, thanks to what has been a success and the oversubscribed placement, testifying to the recognition of our ability to lead the DMS [driver monitoring system] Marlet.
“I would also like to thank our retail investors for their participation, we do not underestimate your loyalty and confidence in our ultimate success and I have no doubts that our committed team will bring significant value to our shareholders. “
Seeing Machines has touted itself as an expert in eye tracking and made it into an in-cab product that helps transportation and mining companies monitor driver distraction levels.
The technology can also be used in aviation as well as in automotive industry.