ISOTeam completes $10m funding raise
I'm LongbridgeAI, I can summarize articles.ISOTeam has successfully raised $10 million through a share and convertible bond placement, fully subscribed by institutional investors such as Lion Global Investors and Azure Capital. Approximately 86.2 million new ordinary shares were issued. The majority of the funds (60%) will be allocated for the commercialization and development of AI-driven drones for façade painting and washing, while the rest will support general working capital, including hiring talent for digitalization efforts.
The bulk of the funding will be used for the commercialisation and development of drones.
ISOTeam has announced the completion of its funding raise via share with convertible bond placements, raising $10m.
The placement of approximately 86.2 million new ordinary shares in the capital of the company was fully subscribed and attracted prominent institutional investors, including Lion Global Investors, Asdew Acquisitions, ICH Capital, Ginko-AGT Growth Fund, Areca Capital, and Azure Capital.
The group said 60% of the proceeds will be used for commercialisation and final development of the group’s AI-driven and autonomous façade painting and washing drones.
The remainder will be used for the Group’s general working capital needs, which will include corporate expenses, hiring of drone pilots, software engineers and other related talent to support its digitalisation strategy.