Special Report: AI and IoT innovator Beonic (ASX:BEO) secures $5 million from investors eager to back the company’s transformative data analytics platform.
Beonic has secured commitments from both new and existing shareholders to raise $5 million through a two-tranche placement at $0.022 per share.
This influx of funds is earmarked for the development of cutting-edge AI solutions, go-to-market offensives, offshore software innovation, restructuring, and bolstering working capital, all of which are crucial for the company’s growth strategy.
“This capital infusion will expedite the deployment of our platform for major customers in retail, aviation, and smart cities and enhance our machine-learning capabilities,” Beonic CEO Billy Tucker said.
“It and our existing capital facilities will provide the necessary flexibility to execute strategic initiatives and propel us towards a self-sustaining cash flow position.”
Key terms of the capital raise include:
Successful placement of $5m at $0.022 per share
Eligible shareholders can participate in a $0.5m Share Purchase Plan
Free attaching 3-year options at A$0.044 for all placement/SPP participants
The first tranche raised ~A$1.4M through 63.7M new shares. The second ~A$3.6M tranche via 163.6M shares is subject to shareholder approval at July’s EGM.
“We see significant long-term growth potential for Beonic, given its global blue-chip client roster and management’s laser focus on profitable scale,” said Omer Granit of investor Enpar Capital, a private investment firm from New York.
Beonic’s pioneering AI platform transforms how people work, play, travel, shop, and convene by optimising digital touchpoints and cultivating loyalty.
As it charges ahead with an influx of capital and reinvigorated leadership, the company is well-positioned to cement its solutions as essential infrastructure for data-driven enterprises globally.
Beonic unifies data points on one proprietary platform to give businesses the insights to solve complex challenges.
It ingests data from a diverse range of technologies, including WiFi, cameras, people counting, LiDAR, CCTV, and IoT devices.
It combines these datasets with contextual data like weather and retail sales to improve operations performance for retailers, airports, stadiums, smart cities, and other public and commercial venues.
This article was developed in collaboration with Beonic Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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