Seeing Machines secures £26.2m strategic investment
Computer vision technology group Seeing Machines has secured a £26.2m strategic investment from Mitsubishi Electric Mobility as part of a collaboration agreement between the pair.
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Seeing Machines said on Monday that has entered into a collaboration agreement with Mitsubishi Electric Mobility to pursue joint growth opportunities in the supply of driver and occupant monitoring system technology solutions to enhance safety in the automotive industry.
As a result, Mitsubishi also became "a significant investor" in Seeing Machines to enhance the group's balance sheet and provide funding for further growth.
Seeing Machines added that the subscription agreement represented 15% of the company's issued share capital prior to the issue of new ordinary shares.
As of 1100 GMT, ITM Power shares were up 0.58% at 34.92p.
Reporting by Iain Gilbert at Sharecast.com