In demand: Security Matters smashes its funding target with a $6 million capital raise
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Special Report: Security Matters raises $6 million from local and international investors, following a successful capital raising that was oversubscribed.
Brand protection, supply chain integrity and blockchain tech company Security Matters (ASX: SMX) continues to find strong demand from local and international investors.
The company announced a successful share placement this morning that was oversubscribed, with key contributions from a range of large corporates, institutional and sophisticated investors.
Security Matters issued 12,000,000 fully paid ordinary shares at 50 cents per share, with offers scaled back due to excess demand. The total amount raised was double the minimum target.
Security Matters’ founder and CEO Haggai Alon said the company will use the funds to further its commercialisation strategies with international partners.
“With this additional funding, we take another step towards fulfilling our vision to create a digital twin to any physical object and becoming the global record of physical goods,” Mr Alon said.
The company’s share price is up 200 per cent since the end of January, following the release of its quarterly financial performance and a number of key announcements.
Earlier this month, it signed an agreement with The Perth Mint, to apply its blockchain technology for the purpose of tracking and storing gold through the Mint’s entire supply chain.
And the latest round illustrates the market’s confidence in SMX’s proprietary tracking technology to enhance supply-chain logistics.
Products are ‘marked’ with an invisible barcode that is then read and automatically stored on a blockchain record. The chemical-based technology can be applied across solids, liquids or gas.
Along with the Perth Mint, SMX has demonstrated that its technology has potential applications across multiple industries including electronics to agriculture.
The funding round was led by a cornerstone investment from global engineering and construction firm Meptagon, which contributed $500,000.
Security Matters also signed an agreement with Meptagon to provide industry expertise for its clients in sectors across electronics and industrial infrastructure.
“Australia has proven that it is not only a house but a home for Security Matters’ technology. We deeply appreciate the confidence of our investors in our ability to scale our technology worldwide,” Mr Alon said.
The raise was led by RM Corporate Capital and a legal team form Holding Redlich.