Cyan raises over £4m growth capital
Smart metering and lighting technology company, Cyan, has raised £4.1 million before expenses from a placing and subscription.
Executive chairman John Cronin said the Cambridge UK specialist would use the cash to underpin a number of growth initiatives.
The investment will go to fund staffing costs for the delivery of customer projects won in India, development and delivery of managed service solutions, business development, customer deployments and further product development work.
The placing was managed by Allenby Capital and Beaufort Securities and needs shareholder approval at a general meeting in Cambridge on June 30.
Cronin felt the company was in a transformational phase. He said: “We are pleased to be able to continue to attract significant investor interest in the company and its prospects.
“As a board, we believe have now reached an inflexion point in the business following multiple commercial orders for both our smart metering and lighting solutions from customers in several emerging markets around the world.
“Cyan shareholders should draw particular encouragement from the recent $3 million letter of intent that we received from leading meter vendor, El Sewedy.
“El Sewedy has informed us that it has selected our mesh based solution for a utility customer in Ghana, subject to contract. In addition, there is an opportunity for Cyan to further develop El Sewedy as a channel into other markets, where it already has a strong presence.
“The fundraising proceeds will be invested in the delivery of customer projects – both already won and to be won – as well as incremental investment in extending our software solutions to add new functionality that we will license to utility customers in emerging markets around the world.”