Firm: DLA Piper (Seeing Machines Limited)
Deal: Seeing Machines Limited has completed a capital raising through a placing and subscription arrangement.
Value: Approximately $25.7 million
Key players: The DLA Piper team was led by partner Mark Burger (pictured), with assistance from senior associate Dylan Burke.
Deal significance: The fundraising involved the conditional placing of new ordinary shares with institutional investors by finnCap Ltd and an opportunity to certain existing shareholders to raise up to a further £2 million (approximately AU$3.4 million) under an overseas offer and Australian offer.
Headquartered in Australia, with operations in North America, Europe, Latin America, the Middle East and the Asia-Pacific region, Seeing Machines is a leader in intelligent face and eye tracking technology.
Its driver-operator safety monitoring and intervention sensing technology is used worldwide across the automotive, mining, transport and aviation industries.
The tech company’s customers and partners include Caterpillar, Electro-Motive Diesel, Progress Rail, Boeing, Takata, Semco and EyeTracking Inc.
“We are delighted to advise our client Seeing Machines on this latest capital raising, as they continue the ongoing commercialisation of their technology across target markets,” DLA Piper partner Mark Burger said.
“The fundraising will support the company's growing FOVIO automotive business and their multi-sector transportation market strategy.”