Adisyn (ASX:AI1) has tapped investors for $400,000 through a placement to expand its newly formed cybersecurity division Adisyn Cyber.
The company says the funds will be raised through the issue of 20 million new shares at $0.02 per share — a nil discount to Adisyn’s 15-day volume weighted average price (VWAP).
Adisyn reports the placement has received ‘strong’ support from new sophisticated investors and existing shareholders and employees.
The funds will be used to expand Adisyn Cyber with an increase in sales and marketing efforts, as well as the development of a number of new artificial intelligence (AI)-powered cybersecurity services.
These services are being developed to focus on helping businesses manage their obligations around the handling of personal data under the new Privacy Legislation Amendment Act 2022.
Other services include threat intelligence, contextual security operations, and an AI-powered personally identifiable information de-identification tool.
Adisyn also notes it will continue to execute its plan to cross-sell cybersecurity services to existing clients across its other business units and will focus its sales and marketing efforts on the acquisition of new cybersecurity clients.
Meanwhile, Adisyn Cyber announces it has entered into a memorandum of understanding (MoU) with Al Nasr Technical Trading Agencies (ATTA Group) to explore the supply of IT and cybersecurity systems in the United Arab Emirates (UAE), Saudi Arabia, and Oman.
The capital raise follows the acquisition of Thomas Cyber in July, and since then, Adysil has been engaged to perform cybersecurity services for a number of new and existing clients, including Hazer Group (ASX:HZR), EMVision Medical Devices (ASX:EMV), and The Agency (ASX:AU1).
Adisyn is a technology and data sciences company that provides a suite of vertically integrated solutions driven by AI-powered microservices.
As of 30 September 2023, Adisyn had $454,000 cash and cash equivalents at hand.
Write to Adam Drought at Mining.com.au