Aim-listed analytics-as-a-service firm Actual Experience has conditionally raised £16m by placing out over 8 million new shares at 190 pence apiece.
Actual Experience will use the funds to establish client facing teams in Europe and North America and to increase the size and skill base of the group’s technology development team.
Additionally funds will be used to strengthen its balance sheet so that it has the financial resources to engage in multi-year commercial relationships and fund its balance sheet for the foreseeable future.
Dave Page, CEO of Actual Experience, said: “The Placing enables the company to significantly increase its sales teams and further enhance the technology development team as we look to capitalise on our growing pipeline and beyond.
“Our AIM listing has given us the platform to fully commercialise a ground breaking technology from a British University and our shareholders, both existing and new, have given us the funds and support to focus on the enormous market opportunity that exists rather than set us short-term targets that would soon prove obsolete.
“I would like to thank them for their continued support at a particularly exciting time for the company.”
The placing is dependent upon the company obtaining approval from its shareholders at a general meeting which will be held next month.