Q-Bot Limited, our commercial stage robotics company that develops solutions for the built environment, has successfully closed an initial tranche of c.£350,000 of its equity fundraising programme of up to £1 million, alongside the conversion of c.£865,000 of outstanding convertible loans and associated interest.
The fundraising has been led and syndicated by EMV Capital Partners. The first closing primarily represents investment from Q-Bot’s existing loyal shareholder base, with further funding anticipated from new and existing investors in future closings. The proceeds will provide Q-Bot with the capital to continue the execution of its growth strategy, following its transition to a lean technology business.
Dr Ilian Iliev, CEO of EMV Capital and Investor Director of Q-Bot, commented:
“We are pleased to see this important first closing of Q-Bot’s fundraising programme, and to have increased our interest in this exciting business through our capital efficient convertible loans. After a challenging period, we believe Q-Bot is now well-positioned to move towards profitability with a strong team, a robust partner network and pipeline, a well-evolved product offering with a proven application, and a refreshed, lean operating model.”
The full RNS announcement can be read here.