Coventry-based autonomous vehicle company Aurrigo has secured £13.8m in additional capital from the sale of new shares.
The London-listed firm, which develops self-driving vehicle technology for the aviation industry, raised the new funds from a combination of a share placing and subscription.
The placing, in which it issued new shares available for purchase from public buyers, raised approximately £4m, a larger figure than expected.
This was combined with the £9.75m of gross proceeds raised from its share subscription deal that saw a group called Next Gen join as an investor.
“We are delighted to welcome Next Gen as a new strategic investor in Aurrigo and grateful for the support of both our existing and new investors,” said Aurrigo chief executive David Keene.
“The funds raised will provide additional firepower to expand our operations and team, as we focus on the successful launch and go-to-market of our leading solutions.”
The announcement comes a month after it was revealed that Aurrigo would be one of several firms in the autonomous driving sector to participate in a £150m Pathfinder initiative funded by the UK government.
The West Midlands company will participate in the RAMP Ready project, funded by the initiative, that will combine its autonomous cargo dolly product with a a self-driving passenger shuttle developed by UPS to be used in airports.
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