The share offer from Seeing Machines (LON:SEE) to existing shareholders was oversubscribed nearly ten times, raising £1mln for the driver safety specialist.
The company behind a revolutionary eye-tracking technology used in mining trucks and now coach fleets issued 20mln new shares at 5p each to its share and depositary interest holders on the books at 28 November 2013.
Demand for the new shares saw directors scale back allocations significantly, the company revealed.
It follows a fundraising in December that generated £15mln from mainly institutional investors.
The company’s original plan was to raise the money in two tranches over nine to 12 months, but confidence from the new investors and then existing shareholders meant the company could raise the funds in one go.
Seeing Machines chairman Terry Winters said: “I am delighted to announce that the offer made to existing shareholders has been well received and oversubscribed.
“Together with the £15 million raised from new and existing shareholders in December 2013, Seeing Machines is now well placed to accelerate growth of its mining business through the Caterpillar alliance and enter new attractive markets from which demand is already being received.
“The shareholder interest in this issue reflects the excellent progress the company has made in the last year.”
The shares, which have doubled in the past six months, rose 6.5% to 8.25p in early deals.