D13 fills the coffers as demand drives early delivery
Department 13 (ASX:D13) says demand for its ‘drone hacking’ solution is so great that it’s had to accelerate development timeline to make sure it’s ready by December – ahead of schedule.
It told the market this morning that it had closed off on a capital raising, through a $6.5 million placement at 12.5c a share – an offer to sophisticated investors D13 said finished oversubscribed.
The original raising was to only be for $6 million, but it extended the offer to “partially” fill extra demand.
The proceeds from the placement, D13 said, would be used to accelerate commercial development of its flagship MESMER counter drone system by December this year.
This follows on from the company being given the chance to showcase the system at the MITRE Challenge in August and the Black Dart showcase event in September.
The latter is a presentation of tech given to the US government.
“We have very strong demand for our MESMER software-based RF mitigation systems to safely control wayward drones given the completeness of the solution, the ease of plug and play software or standalone systems for rule-based responses and the ability to deal with the swarms of drones,” D13 CEO Jonathan Hunter said.
Investors should note that there is no accounting for future orders until the orders are actually placed with the company – and they are advised to seek out professional advice before investing.
The funds will also go towards beta testing of its MESEMER version two solution, which involves the development of a machine learning algorithm to enable to quicker identification and mitigation of drone threats.
The technology could take on increasing importance in coming years – given the expected uptake in commercial and personal drone vehicles in the sky.
Overnight the UK Civil Aviation Authority allowed Amazon to start trials of drone delivery in the country.
It granted the retail giant permission to test the drones without the usual restrictions binding drone pilots – allowing Amazon to get one step closer to its stated aim of delivering packages to people via drone within 30 minutes or less.
About Department 13 (ASX:D13)
D13 has quickly gained a reputation as a so-called ‘drone hacker’.
It has developed, among its suite of technologies, a way to bring down unmanned aerial vehicles by effectively hi-jacking the signal between operator and drone in order to bring the UAV down safely.
As a way of proving its concept and validating its technology, D13 will be showcasing its abilities along with seven other drone security companies at the MITRE CUAS Challenge at Marine Corps Base Quantico in August 2016.
Later in the year in September, D13 will take its wares to Florida, to demonstrate the effectiveness of MESMER at BlackDart, the DoD’s specialised ‘Counter UAS Test Range’ in Florida. As an event, BlackDart was created to attract the best technological solutions to drone defence, with dozens of entrants each year.
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