RocketDNA, a drone-based data service and technology solutions provider, will raise $1.1 million through the issuance of 122.2 million new fully paid ordinary shares.
The investment came from new professional and sophisticated parties, including a respected family office and RocketDNA's directors and management, who will invest $100,000, pending shareholder approval.
The funding will be used to expand the company's autonomous drone business, specifically to develop and deploy around 20 xBot autonomous units, roll out its xBot platform, and strengthen its balance sheet.
The company's xBot technology, undergoing trials, has potential applications across various industries, including mining, security, and solar.