Norway-based NEXT Biometrics is seeing an influx of cash from a big new order and a private placement.
As Reuters reports, the order is valued at $100,000, and is for a new, unnamed client. NEXT says the order is from a “NEXT-enabled” market sector, referring to areas in which its low-cost fingerprint sensors offer a particularly strong value proposition, though Reuters notes that the “main part of the order is for consultancy”.
Meanwhile, the company has raised roughly 156 million NOK, or roughly $18.7 million USD, through a private placement of 1,167,000 new shares. In a statement announcing the private placement, the company said it “attracted strong interest from both existing shareholders as well as new high quality institutional investors.”
The company also indicated that the private placement’s net proceeds would be invested in its efforts to expand production capacity for its flexible fingerprint sensors, an important focus for NEXT as it aims to get the products into mass production by the end of Q2 of this year. The proceeds will also be used for “further smart card related R&D and general corporate purposes,” the company added.
The influx of capital arrives along with a new CEO, with former Synaptics SVP Ritu Favre taking the helm of the company as its previous CEO, Tore Etholm-Idsøe, steps into a new role as Chairman of the Board.
February 7, 2017 – by Alex Perala