Sensera attracts $7mln funding to scale up its sensor business

Sensera Ltd (ASX:SE1) has successfully completed a share placement to institutional and sophisticated investors to raise $7 million at $0.30 per share.

The company is a designer and manufacturer of end-to-end sensor solutions and services for the rapidly growing Internet of Things (IoT) market.

Importantly, the funds raised will contribute towards business development activities, strengthening the company’s balance sheet and to support research and development.

The proceeds will also fund the vendor payment for Sensera’s newly-acquired location and wellness tracking division, Nanotron.

In August 2017, the company acquired Berlin based Nanotron Technologies GmbH, a manufacturer of electronic location-awareness components.

Nanotron division manufactures hardware that enables sophisticated location and wellness tracking for farm animals and mine safety.

Sensera already manufactures a family of proprietary micro-sensors and sensor systems that serve the medtech, industrial, animal wellness, mine safety and collision avoidance markets.

The company’s wireless tracking solution for farm animals, mine safety and collision avoidance is a market worth US$8 billion.

Sensera listed on the ASX after completing a $10 million initial public offering in December 2016.

Story by ProactiveInvestors