LiveTiles, a company creating collaboration software, has raised $20 million in equity from sophisticated and professional investors.
The funds, raised at $0.45 per share in a heavily oversubscribed placement, will be used to accelerate customer and revenue growth.
A short time ago, its shares were trading 4% lower at $0.465.
The Australian-origin company, which now has its headquarters in New York, will launch a Share Purchase Plan to raise another $3 million from existing eligible shareholders.
Blue Ocean Equities and Moelis Australia acted as joint lead managers and bookrunners. EverBlu Capital was co-manager.
LiveTiles also announced a record quarter, with annualised subscription revenue of $6.9 million to December, an increase of 245%.
Gross cash operating expenses for the March quarter are expected to be $6.8 million.
Karl Redenbach, Co-Founder and Chief Executive Officer of LiveTiles, says the company continues to see strong demand for its products, including artificial intelligence.
“The funds raised will accelerate our investment in additional sales, marketing and customer success teams to support continued strong growth in customers and revenue,” he says.
LiveTiles floated in 2015 through a backdoor listing with mining company Modun Resources.
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.