Special Report: Digital technology company Security Matters has successfully raised $2.1m from existing and new investors to continue commercialising its patented blockchain security technology and signs a commercial contract worth $800,000.
Security Matters (ASX:SMX) has developed a unique molecular marking technology and blockchain platform that allows products to be monitored through a business supply chain.
“We have a clear and strategic roadmap for SMX technology to be adopted and scaled up across diverse market segments globally,” said company found and chief executive, Haggai Alon.
“SMX would like to thank our current shareholders for their continual support in our capital raising efforts as well as welcome new investors who recognise the commercial potential of our technology,” he said.
The company’s digital technology enhances measures to protect the security of physical goods and products as they travel along the supply chain from manufacturer to customer.
Share placement attracted overwhelming investor interest
The well received private share placement to sophisticated and professional investors will strengthen Security Matters’ balance sheet and fund the commercialisation of several of the company’s digital projects.
Earlier share placements this year for $5m and $1.5m have enabled the company to increase its business capital to expand its commercial operations.
Investors subscribed to 2.6 million shares in Security Matters at 38c per share in the latest placement.
Three-year expiry options exercisable at a strike price of 60c per share were also issued.
Alon thanked shareholders for their support in the capital raisings for the company.
Contract with the trueGold Consortium
One of Security Matters’ first customers for its security technology is the trueGold Consortium.
TrueGold was launched by Security Matters in partnership with the Perth Mint, which has signed a commercial service contract worth $800,000 over 1 year for Security Matters to carry out research and development work.
“TrueGold is an important part of our plan to provide a complete mine-to-marketplace ethical supply chain assurance and digital platform for all value chain players to monitor the complete lifecycle and origination of its raw materials,” said Alon.
Security Matters will provide its unique molecular marking technology to trueGold.
This will enable the companies to develop the world’s first fully transparent mine-to-marketplace supply chain security solution for gold products.
A team from the company will work on the development of the project for trueGold.
The team includes chemists, physicists, engineers, and Security Matters advisors.
This article was developed in collaboration with Security Matters, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.