Data security platform IXUP (ASX:IXU) released a presentation to the market this morning, with some details around its ongoing push towards revenue-generating product concepts.

In the meantime, it’s looking for some extra cash; $3.2m from a non-renounceable rights issue to eligible shareholders.

IXUP is offering 63,377,500 new shares at an issue price of $0.05, on a 2-for-5 pro-rata basis. The deal has been fully underwritten by Cygnet Capital, which effectively provides insurance that IXUP will meet its full $3.2m quota.

IXUP said the additional cash will be used to fund the commercial roll out of its encrypted data collaboration platform, along with sales and marketing and general working capital.

Stockhead has contacted the company to provide further details on the next phase of commercial development, and when it expects to be revenue-generative.

While the offer was priced at five cents, IXUP shares took a jump in morning trade a short time ago, were back trading above eight cents:

Commercial pathway

Despite today’s increase, IXUP has struggled for traction since listing on the ASX in November 2017.

After raising $12.5m at 20 cents per share, optimistic investors sent the stock above 40 cents before it commenced a steady decline.

In IXUP’s 4C filing earlier this week, CEO Peter Leihn said the company had recently “progressed a number of technical conversations into commercial proposals”.

The company says a key advantage of its product-offering is that it allows data analytics to be performed while the data remains in encrypted form, allowing for increased flexibility and better corporate governance.

As part of product development its built closer ties with Australian government agencies, partnering with the CSIRO’s Data61 and booking $932,000 from an ATO R&D grant.

The company said its recent product enhancement leave it well positioned to benefit from “the convergence of the big data and artificial intelligence (AI) markets, and the
anticipated release of Australian Government legislation to safeguard consumers’ personally identifiable information (PII)”.

In other ASX tech news today:

Medical tech company MyFiziq (ASX:MYQ) had some news out of Singapore, in connection with its 50 per cent owned joint venture partner Body Composition Technologies  (BTC). BTC has signed a binding termsheet with online preventative health platform MyDoc, which will include the use of MyFiziq’s 3D body-shape imaging technology. Shares in MYQ were up 18 per cent at 26 cents in morning trade.

And two other tech companies are partnering up, as Vault Intelligence (ASX:VLT) announced it will incorporate Total Brain’s (ASX: TTB) mental health and fitness platform into its broader workforce management software. Commercial terms of the deal weren’t disclosed.