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- SenSen Networks (SNS) raises $4.2 million to fund growth momentum and has tapped investors for an additional $5 million
- Under a share placement, SNS issued 35 million shares to investors at 12 cents each, marking an 11.2 per cent discount to the 30-day volume-weighted average price
- Additionally, SNS aims to raise an additional $5 million through a share purchase plan which opened today
- The company says it’s on track to double its top line revenue for the 2022 financial year, following COVID-19 impacts
- Shares close 7.69 per cent lower to trade at 12 cents
SenSen Networks (SNS) has raised $4.2 million to fund growth momentum and has tapped investors for an additional $5 million.
The sensor artificial intelligence data company offers customised, real-time and batch processing of data alongside software as a service solutions. It covers a number of enterprises including cities, casinos, retail, surveillance and emerging solutions.
The company completed a capital raise in January and said the funds were successfully deployed in sales and marketing initiatives that resulted in qualified opportunities.
Now, in an attempt to keep the growth momentum continuing, the company has completed a share placement with 35 million shares issued to investors at 12 cents each.
The issue price represents an 11.2 per cent discount to the 30-day volume-weighted average price.
Of the shares offered under the placement, $60,000 worth is set to be issued to the company’s Chairman and CEO, Subhash Challa, and Executive Director and COO, David Smith, subject to shareholder approval which will be sought at the annual general meeting scheduled for December 17.
With the fresh capital, SNS said it will be able to fund continued growth momentum through targeted investment in sales, marketing product innovations, product delivery and project management.
A share purchase plan opened today under which the company aims to raise $5 million with shares offered at the same price as the placement.
The SPP is expected to close at 5 pm AEDT on December 6.
Commenting on the company’s growth following the pandemic, Subhash Challa said the company is on track to double its top-line revenue to more than $11 million in the 2022 financial year, up from $5.5 million the previous year.
Mr Challa said the company also expects an increase of around $5 million in annual recurring revenue by the end of FY22.
“With COVID 19 getting behind us and the economies opening globally, we have never been more excited about the growth prospects for SenSen,” Mr Challa said.
“The proposed accelerated growth will be achieved through our plan to grow market share in our target verticals and geographies, and assisted by growing demand for artificial intelligence products globally, driven by post-COVID-19 economic recovery.”
Company shares were trading 7.69 per cent lower at 12 cents at market close.
