Seeing Machines Ltd (LON:SEE) said it issued 68.4 mln new shares to US-based Toronado Fund, LP, raising gross proceeds of about US$10mln.

The computer vision technology company said the shares were issued at 10.5 pence each. 

“We warmly welcome Toronado as a shareholder, and are delighted that a second high quality US investor has chosen to invest in our company, underpinning our strategy to broaden the representation of institutions on our register,” said Paul McGlone, chief executive of Seeing Machines.

“The capital raised will enable Seeing Machines to develop and collaborate on additional growth opportunities which are incremental to our core plans.”

The purchase, conducted at a premium, was introduced and arranged by Beech Hill Securities.

“Following initial interest from the US late last year, we continue to see increasing enthusiasm around driver monitoring technology and, in particular, Seeing Machines’ growing market opportunity,” McGlone added.

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