Share Search
Visit the Share Search
Canada's Magna puts $10m into Seeing Machines' $41m fundraise
23rd Nov 2021 10:41
(Sharecast News) - Computer vision technology company Seeing Machines raised $41m (£30.4m) before expenses in a placing and subscription on Tuesday, which it planned to spend on growing its presence in the driver monitoring systems market.
The AIM-traded firm noted that Canada-based mobility technology firm Magna International, which is an existing customer, invested $10m as part of the placing.
Seeing Machines said it was intending to accelerate the development of new core software and system features, acquire additional specialised technology, expand sales channels and its product portfolio to maximise its win rate of automotive programmes, scale delivery capability, and speed up aftermarket revenue growth.
"Seeing Machines is at a pivotal point right now as demand for driver monitoring system technology continues to accelerate around the world," said chief executive officer Paul McGlone.
"It's with thanks to the strong support of new and existing shareholders, we are now firmly placed to capitalise on the overwhelming opportunity we see before us.
"This opportunity is growing across automotive, fleet and aviation, and each of these business units is making significant ground in their respective industries with some of the world's biggest brands."
McGlone said the investment by Magna demonstrated the two firms' "mutual desire" to seek growth opportunities.
"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 oversubscribed placing, testament to recognition of our ability to lead the driver monitoring system market."
At 1313 GMT, shares in Seeing Machines were down 2% at 11.76p.
The AIM-traded firm noted that Canada-based mobility technology firm Magna International, which is an existing customer, invested $10m as part of the placing.
Seeing Machines said it was intending to accelerate the development of new core software and system features, acquire additional specialised technology, expand sales channels and its product portfolio to maximise its win rate of automotive programmes, scale delivery capability, and speed up aftermarket revenue growth.
"Seeing Machines is at a pivotal point right now as demand for driver monitoring system technology continues to accelerate around the world," said chief executive officer Paul McGlone.
"It's with thanks to the strong support of new and existing shareholders, we are now firmly placed to capitalise on the overwhelming opportunity we see before us.
"This opportunity is growing across automotive, fleet and aviation, and each of these business units is making significant ground in their respective industries with some of the world's biggest brands."
McGlone said the investment by Magna demonstrated the two firms' "mutual desire" to seek growth opportunities.
"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 oversubscribed placing, testament to recognition of our ability to lead the driver monitoring system market."
At 1313 GMT, shares in Seeing Machines were down 2% at 11.76p.