Control Bionics raised $1 million through a share placement, issuing approximately 24.1 million new fully paid ordinary shares at 4.3 cents each.

The move aims to reinforce the company's position in the electromyography technology market for assistive communication and mobility solutions.

The raised funds will fuel Control Bionics' global growth strategy through FY25, focusing on achieving positive EBITDA across its operations in the US, Australia, and Japan, as well as launching new products such as the DROVE autonomous wheelchair controller and commercialising the NeuroStrip and associated App.