Argonaut, as Lead Manager has successfully raised A$8 million for OpenDNA Limited (ASX: OPN) (“OpenDNA” or “the Company”) via an oversubscribed initial public offering (“IPO”) of 40 million new fully paid ordinary shares at $0.20 per share.
Proceeds of the IPO funds raised will be used to fully commercialise OpenDNA’s proven personalisation technology and accelerate business development, sales & marketing efforts. OpenDNA technology can be used by businesses regardless of size, industry and operating platform.
OpenDNA has developed proprietary (patent pending) artificial intelligence and machine learning technology that has the potential to assist digital businesses irrespective of company size or industry vertical. By becoming OpenDNA customers, businesses can obtain a detailed, accurate and up-to-the-second profile of the likes, dislikes and interests of each of their individual users (whether using iOS, Android or web-based operating platforms). This is done in real-time by mapping a user’s interactions and engagements across any platform powered by OpenDNA. This in turn allows those businesses to show each individual user only the products, articles and other content they want to see – and none of what they don’t.
Commenting on the listing, OpenDNA’s CEO, Jay Shah said “We are delighted with the strong support that OpenDNA IPO received and are excited about the Company’s future. Customer analytics and personalisation are key areas of focus for all online businesses who push content or products to users and we are confident that our technology is going to play a key part as those trends and industries continue to develop. Having assembled a strong Board and management team and proven the OpenDNA technology through our own proprietary applications, we are poised now to make rapid strides to full commercialisation and the expansion of our business presence and sales force, both locally and internationally.”
Argonaut is delighted to provide support to OpenDNA and further highlights the strength of the Argonaut business in supporting WA based companies across a wide range of industries.
Additional information regarding OpenDNA and the IPO can be found on the Company’s website at www.opendna.ai.