A South West maritime tech firm has announced a "strategic" investment and conditional fundraising of up to approximately £10.5m.
Somerset-based SRT Marine Systems, has secured £7m from Ocean Infinity, with a further £3.0m to be raised from a share placing with new and existing investors, and £0.5m from a retail offer.
The AIM-listed firm said the net proceeds of the fundraising will be used to "strengthen" the company's balance sheet and "facilitate growth" of both the systems and transceiver businesses.
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
The firm, which has its head office in Midsomer Norton near Bath, develops and supplies maritime surveillance systems and navigation safety products.
Simon Tucker, chief executive of SRT, said: "SRT has pioneered the next generation of advanced digital technologies and systems for maritime surveillance, vessel monitoring and navigation safety, and become the established global leader in this growing market. We were pleased to receive an approach from Ocean Infinity, and subsequent synergistic investment alongside other existing shareholders.
"Both companies share a common vision for the future of maritime domain awareness, are leaders in our respective fields and have directly complementary skills and technologies. This synergy, combined with this significant investment both facilitates our existing business and creates new opportunities for us to optimise the growing global MDA market potential."
Oliver Plunkett, chief executive of Ocean Infinity, added: "Ocean Infinity is at the forefront of robotic technology deployed to gather data from the oceans. Creating a close and proactive relationship with SRT allows us together to offer clients a complete data solution, from acquisition to insights, for managing and securing coastal territories and beyond."
