Connected IO taps investors for $3m

Wireless technology company Connected IO says it has received firm commitments from investors to raise $3 million.

The Perth-based company, which has operations in Silicon Valley in the US, said it had raised the funds through the placement of 100 million new shares at 3 cents each.

The proceeds will be used for working capital needs as it seeks to raise demand for its wireless modem-like products for machine-to-machine communications and cellular connectivity.

It follows news earlier this week that the company had secured nearly $2 million worth of sales during the three months to September.

Shares in Connected IO were 8.8 per cent lower to 3.1 cents each at the close of trade.