Forbidden Technologies, the developer of the cloud-based video editing and logging platform FORscene, has raised £1.6 million through a share placement.
4,847,000 new ordinary shares went to institutional investors giving the company a net cash windfall of over £1 million and the chance to pay off loans.
The placing also reduce the number of shares held by Board members to below 75% and enlists institutional support for the company.
Stephen Streater, the chief executive of Forbidden Technologies, said: “The company has crossed the threshold for serious institutional investment. We look forward to the future with confidence.”