Quantify in $5m raising

Perth company Quantify Technology Holdings has received firm commitments for a $5 million capital raising that will support increased development of the company’s technology.

Quantify will raise $3.8 million via the issue of about 63 million shares at 6 cents each. By comparison, the current share price is 6.8 cents, following a 9 per cent drop in today’s trading.

The company said the placement was heavily oversubscribed with demand from new and existing institutional, sophisticated and professional investors.

Shareholder approval is required for the remaining $1.2 million, which is expected to be raised via the issue of 20 million shares at the same price.

The company said it would call a general meeting to seek shareholder approval in the near future.

Quantify primarily develops hardware and software devices that enable the monitoring and management of the next generation of internet-enabled devices such as lighting, power, heating and cooling systems that are installed in buildings.

Its patented flagship product, the Q Device, provides real-time evaluation of environmental and risk factors for building occupants

Chief executive Mark Lapins said the capital would be used to enhance development of the Q Device, among its other technology.

“These funds will also allow us to accelerate development of further enhancements and integrations of technologies such as Amazon Alexa to further redefine the internet of things industry standard and to make our solution the platform of choice,” he said

Westar Capital acted as lead manager in the placement.