NetScientific PLC - London-based life sciences and sustainability technology investment firm - Increases its direct holding in AI company Q-Bot Ltd to 24% from 21%. Purchase is made via NetScientific's wholly-owned subsidiary EMV Capital, buying 1,066 Q-Bot shares for GBP202,540.
"Q-Bot has been a very good investment for us. Based on the share price in its June 2022 GBP1.6 million funding round NetScientific's 24% Q-Bot direct stake (once increased) is valued at GBP3.19 million, a gain of approximately GBP1.67 million in less than one year," explains NetScientific Chief Executive Officer Ilian Iliev.
On Wednesday, NetScientific secured the funding via an investment round to "allow Q-Bot to accelerate the rollout of its unique patented solution of using robots to apply underfloor home insulation across the UK, and meet growing overseas demand for Q-Bot's solution."
Current stock price: 81.20 pence, up 2.1% on Friday
12-month change: down 32%
By Tom Budszus; tombudszus@alliancenews.com
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Netscientific (NSCI)