Idex hopes $2.2M private placement can see it to profitability

Idex Biometrics has closed a private placement raising 22 million Norwegian kroner (approximately US$2.2 million) to help it reach profitability faster. The funds will also be used for working capital, capital expenditure and general corporate purposes, according to the company announcement.

The placement is divided between two tranches, the first with nearly 5.7 million offer shares and the second with over 1.6 million, all at NOK 3 per share. CEO and CFO Anders Storbråten and lead shareholder Robert Keith accounted for NOK 13 million ($1.3 million) of the total. Board Chair Morten Opstad and COO Kjell-Arne Besseberg made smaller contributions to the placement.

The company also raised NOK 30 million in April, but sees revenue from biometric payment cards on its horizon.

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biometrics  |  Idex Biometrics  |  stocks