archTIS Ltd (ASX:AR9) has raised $1.65 million in a placement to new and existing shareholders at 5.5 cents per share with funds to help execute the company’s sales pipeline across both enterprise and government.
In a show of support for the company, all directors have participated in the placement, which is subject to shareholder approval at the next general meeting.
The company will now conduct a share purchase plan (SPP) to existing shareholders at the same price to raise around $500,000.
“Protecting sensitive information critical”
Chief executive officer Daniel Lai said: “archTIS appreciates the support we have received from our existing shareholders and we are delighted to welcome a number of new institutional investors to the register.
“With new threats emerging every week, protecting sensitive information is increasingly critical for companies and governments alike.
“This new capital will be used to execute and convert on a significant pipeline of customer opportunities for our Kojensi data security product.”
Funds of $1.3 million at March 31
The company has been focused on developing the core technology of its Kojensi Gov and Kojensi Enterprise products during the March quarter and is now focused on the sales and marketing of products into identified markets.
archTIS aims to build a sales pipeline and execute opportunities in 2020 and 2021 with new leads in Australia, New Zealand, USA and Europe.
At the end of the quarter, archTIS had funds available of $1.3 million.