AI technology company raises $62m
An Australia-based smart technology company has completed a capital raising worth approximately $62 million.
Firm: DLA Piper (Seeing Machines Limited)
Deal: Seeing Machines Limited completed a capital raising through a conditional placing and subscription of ordinary shares.
Value: £35 million (approximately AU$62 million)
Area: Equity capital markets
Key players: The DLA Piper team advising Seeing Machines was led by partner Mark Burger (pictured) with senior associate Dylan Burke.
Deal significance: Seeing Machines, a developer of computer vision technologies for the automotive, mining, transport and aviation industries, recently completed a £35 million capital raising through a conditional placing and subscription of ordinary shares.
Seeing Machines is headquartered in Australia and operates across the Americas, Europe, the Middle East and the Asia-Pacific. Its clients include Electro Motive Diesel, Progress Rail, Boeing, Takata, SEMCo and Eye Tracking Inc.
The company’s technologies, such as driver-operator safety monitoring and intervention, enable machines to see, understand and assist people, according to a statement from DLA Piper.
“We are delighted to once again partner with Seeing Machines on this latest capital raising, as they accelerate investment in their Vision AI platform and product development programs,” said lead partner Mark Burger.
“The proceeds from this successful placement will also enable the company to scale their infrastructure and global footprint, to meet sustained customer demand.”
Pictured: DLA Piper partner Mark Burger