Quantify, the struggling Internet of Things device company which has never made any money, is having trouble convincing investors to keep backing it.

The business (ASX:QFY) wanted to raise $4 million from a capital raising announced in October, but only managed to secure $1m with shares priced at 1c.

Underwriter Pinnacle Corporate Finance has had to take possession of the remaining 290m shares — a whopping 31 per cent of the company.

Quantify issued 399.4m new shares, significantly diluting existing shareholders.

The business had $178,000 left in the bank at the end of September but the $4m equity raising was designed to bolster those reserves. That will last a little more than six months, as outgoings this quarter are anticipated at $1.6m.

Since listing in March 2017, Quantify has never made any sales revenue in spite of signing a series of agreements and has pushed first revenue out to 2019.

Chairman Aidan Montague resigned in May. His successor Lee Christensen and another board member who was appointed in May both resigned in September.

The company made a full year loss in 2018 of $6.8m, but still paid its board $1.1m.

Quantify stock was flat at 1.1c on Monday.

Quantify stock over the last 12 months.