DLA Piper has advised Alternative Investment Market (AIM)-listed Seeing Machines Limited on the Australian component of its most recent fundraising initiative, to raise a maximum of approximately £6.66 million (approximately AU$12.3 million).

Seeing Machines Limited is a leading supplier of driver/operator safety monitoring technology and services, and is developing technology for next-generation advanced driver assistance systems. Seeing Machines Limited is headquartered in Australia, with offices in the United States and Chile, and partners with major original equipment manufacturers for product development and sales in large global markets.

Seeing Machines Limited is focused on six strategic markets: automotive, commercial fleet, mining, rail, consumer electronics and aviation. The funds raised through the fundraising will allow it to pursue these opportunities, including to accelerate its engagement with a number of global car makers to develop driver monitoring systems for passenger cars, and to launch a new driver safety product for the commercial fleet market.

The fundraising involves:

* Australian offer: An offer to certain existing shareholders in Australia (including sophisticated and professional investors) to subscribe for new shares in Seeing Machines Limited;
* Placing: The conditional placing of new ordinary shares with institutional investors in the UK and Europe by finnCap Ltd. on behalf of Seeing Machines Limited; and
* Overseas offer: An invitation to certain existing shareholders outside Australia to subscribe for new shares in Seeing Machines Limited.

DLA Piper partner Mark Burger and senior associate Dylan Burke advised Seeing Machines Limited on the transaction.

http://news.dlapiper.com/Press-releases/DLA-Piper-advises-Seeing-Machin…