ASX-listed Adveritas has raised $7.5 million to fund the expansion of its advertising fraud prevention company TrafficGuard.
The two-part capital raising included a private equity round of $4.5 million from strategic investors including fund manager Phil King and rich lister Mark McConnell.
The second resulted in a 50% oversubscription to a share purchase plan, raising about $3 million from 40 million new shares at $0.075 each.
Mathew Ratty, the CEO of Adveritas and TrafficGuard, says the balance sheet strength enables the company to focus on accelerating customer acquisition and revenue growth across the US and Europe.
"The timing is right for our company as businesses globally accelerate their transition to online commerce and we provide the world’s leading digital market ad fraud prevention SaaS TrafficGuard to ensure that our clients can optimise their return on ad spend and maximise their profitability," he says.
TrafficGuard uses machine learning to analyses traffic at the impression, click, attribution, and post-attribution levels to detect digital advertising fraud.
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