Glasgow-based chemistry technology firm DeepMatter is raising around £2.75 million from investors as it eyes growth in international markets.
The company announced this week that it had raised £0.25m through an offer to all shareholders to apply to buy shares.
DeepMatter announced plans for the open offer in December, when the company said directors had concluded it required further cash resources in order to execute on its strategy of customer acquisition and investing in revenue growth.
In addition to the open offer the company said it would complete a placing and subscription to raise gross proceeds of £2.55 million, at a price of 0.1 pence per new ordinary share.
DeepMatter announced the fund-raising plans a week after it issued an update in which it said it was in advanced discussions to provide its DigitalGlassware technology to a drug discovery company based in Korea regarding an agreement that was expected to generate mid six-figure revenue in the first 12 months.
The company reckons DigitalGlassware can speed up processes such as drug discovery by making information on chemical processes available rapidly on the cloud.
It was spun out of the University of Glasgow by Lee Cronin in 2014. Mr Cronin is regius professor of chemistry at the university.
The company secured the required shareholder approval for the placing, subscription and open offer at a general meeting yesterday.
It said in December that the placing and subscription was being financed by a small number of new professional individual investors and existing institutional shareholders.