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(Alliance News) - NetScientific PLC on Wednesday said that its portfolio company, Q-Bot, has successfully closed a GBP3.5 million investment programme.
NetScientific is a London-based investment firm, which is focused on life science, sustainability and technology companies. Its shares closed 2.3% higher at 62.89 pence each in London on Wednesday.
Following the completion of the fundraise, NetScientific's total equity holding in Q-Bot is now 15%, which equates to a post-investment fair value of GBP4.1 million. This represents a 9.2% uplift from the GBP3.8 million reported as at December 31.
NetScientific's capital under advisory with Q-Bot is now 31% of the fully diluted share capital.
The funds raised will support Q-Bot's growth in its principal market in the UK, as well as expansion in Europe and the US.
Q-Bot also announced the appointment of John Kennedy as its new chief executive officer, after he joined the company late last year.
"We are pleased to see Q-Bot close out this important fundraising. The company continues to make strong progress in scaling sales with its innovative use of robotics and artificial intelligence in the Construction Technology industry, and in particular in the retrofit home insulation market. We look forward to seeing its continued success as it scales beyond the UK market, with a focus on market entry in the US and EU," said NetScientific CEO Ilian Iliev.
By Holly Beveridge, Alliance News reporter
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