Linius Technologies Limited (ASX:$LNU) raises $260,000 for growth and expansion

Linius Technologies Limited (ASX:LNU) has successfully raised $260,000 from professional and sophisticated investors, including $40,000 from Directors and their nominees, before costs. The company has made significant progress in penetrating the sports market with long-term contracts and deployments for blue-chip clients, including IMG, Cricket Australia, Inverleigh Media, New Zealand Rugby, SANZAAR Rugby, the North American Hockey League, teams from the English Premier League, and Belgian Pro League, among others. Linius finished FY23 with an 82% year-on-year increase in cash receipts and has already secured contracts that would see billings rise to $725,000 over the next 12 months, a 49% increase over FY23.

Executive Commentary on Funding and Expansion

Linius CEO, James Brennan, expressed gratitude for the continued support of existing shareholders and highlighted the raised capital's backing of near-term revenue growth from existing customers and new business development efforts. He emphasized the upcoming deployment of Whizzard within IMG Replay, which is expected to increase revenue, publicly showcase the power of Linius Whizzard, and accelerate multiple opportunities in the pipeline. Brennan also mentioned the expected further penetration of the US sports market, particularly the US college sports market, and the launch of several exciting new fan engagement products.

Summary of Linius Technologies Limited Announcement

Linius Technologies Limited (ASX:LNU) has successfully raised $260,000 to accelerate customer acquisition and deployment, supporting the delivery of key product enhancements and further execution of its go-to-market plan. The company has made significant progress in penetrating the sports market, with long-term contracts and deployments for blue-chip clients. With the pending launch of Whizzard with IMG Replay and a robust pipeline of opportunities, Linius expects revenue to grow significantly in the second half of FY24. The raised capital, coupled with recent financial results and continued growth in cash receipts, is expected to place the company in a position to rapidly improve its cash position on its path towards profitability.