IntelliAM AI (AQSE:INT) announced a £6.4 million equity raise through a combined placing, convertible loan note conversion and retail share offer.
The provider of AI-driven software for manufacturing and engineering, has been pushing an explicit North American expansion since appointing Joel Crawford as Chief Revenue Officer in June, based in Knoxville, Tennessee, to build out a US sales organisation.
That push follows a string of commercial wins reported since July, including first-quarter purchase orders exceeding £200,000 across new customers and converted legacy accounts, and a subsequent £425,000 order from Mars UK extending that relationship to six sites with the addition of Wrigley.
IntelliAM's platform applies machine learning to industrial asset management and reliability, and is deployed across more than 240 manufacturing sites globally, processing roughly 16 billion data points annually.
Management had guided revenue growth of more than 20% in each of FY2027 and FY2028 off unaudited pro forma FY26 revenue of approximately £5.25 million, up around 35% year-on-year, with annual recurring revenue having doubled to approximately £1.65 million.
The retail share offer, launched on 22 October, closed having raised gross proceeds of approximately £169,488 through 242,126 new shares issued at 70p each.
The overall £6.4 million raise is a step change from IntelliAM's last fundraising in July, when the company raised £500,000 gross through a placing and £280,000 of unsecured convertible loan notes to fund US operations, platform marketing and working capital.
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