Shares of Seeing Machines Limited (LON: SEE) edged 8.9% after the driver monitoring and assistance technology company announced that it had raised $10 million from Toronado Fund LP, a US-based investment firm.
Seeing Machines sold the new shares at 10.5p each, representing an 11% premium to the company’s closing price on Friday. Toronado’s willingness to pay more than the market price to own Seeing Machines shares is evidence of the company’s marketability.
Seeing Machines shares are up 41% this year as investors buy into the firm, which is still unprofitable. Investors are attracted to the company because it grew revenues 25% last year and has delivered an annualised return of 20% over the past five years.
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The company listed on the London Stock Exchange almost 20 years ago and has been developing its driver assistance technology for many years. Its efforts seem to be paying off lately, given the rising revenues and partnerships with major companies.
A recent announcement indicated that Seeing Machines technology is now incorporated within the Cadillac Escalade. Investors are expecting similar reports in the future, given the company’s multiple partnerships with car manufacturers.
Paul McGlone, Seeing Machines’ CEO, said: “We warmly welcome Toronado as a shareholder, and are delighted that a second high-quality US investor has chosen to invest in our company, underpinning our strategy to broaden the representation of institutions on our register,”
Adding:
“The capital raised will enable Seeing Machines to develop and collaborate on additional growth opportunities which are incremental to our core plans.”
Seeing Machines share price.
Seeing Machines shares edged 8.87% higher to trade at 10.3p rising from Friday’s closing price of 9.46p.
