Linius Technologies Ltd (ASX:LNU) has successfully completed a $4.5 million capital raising at $0.05 per share to support the go-to-market strategy for its patented Video Virtualization Engine™ or VVE.
Additionally, $1.5 million was raised through a private placement in July to Village Roadshow (ASX:VRL) and Kirby family interests, thus combining the commercialisation funding to an aggregate $6 million.
The company’s plan is to commercialise its four target divisions; video search, anti-piracy, personalized advertising, and security and defence with a focus on operations in the U.S.
Linius’ technology transforms cumbersome, static video files into agile, dynamic files that can be easily manipulated on the fly.
The company plans to scale the utilisation of virtual video globally through Software as a Service (SaaS) deployments.
Earlier this month, Linius was appointed by Roadshow Films, a division of Village Roadshow, to provide its antipiracy technology solution.
The initial content will comprise a 6-part TV mini-series produced by Roadshow Films, with a targeted launch date of the program in Australia in early Q1, 2018.
IBM, as Linius’s collaboration partner, is co-ordinating the design and integration of the Linius VVE anti-piracy solution with existing Roadshow Films infrastructure.
Linius’ shares were last trading circa 6% higher intra-day, at $0.053.