NetScientific PLC has announced that its portfolio company, Q-Bot, a robotics-as-a-service construction tech company, has successfully closed a fundraising of £1.5 million. The fundraising was led and syndicated by EMV Capital, the company's wholly owned venture capital and corporate finance firm. This fundraising will provide Q-Bot with working capital to progress its revised business plan, which includes rationalizing its business into two separate divisions: an installations business and a technologies-focused business.

The Group has participated directly in the fundraising, including a subscription for Q-Bot shares and an advance subscription pursuant to an ASA, converting outstanding fees due to EMV Capital into Q-Bot shares. Following completion of the fundraising, the total equity holding of the Group in Q-Bot is increased to 17.0 per cent, which equates to a post-investment fair value of £2.7 million. Q-Bot is a well-known robotics and automation company in the growing Construction Tech and Climate Solutions area, with sales in the UK and Europe.

Q-Bot's advanced insulation has generated £11.6 million in revenues from nearly 5,000 installations in the UK and over £200,000 in revenues from installations in France. Following the fundraising, Malcolm Groat, currently a non-executive investor director of Q-Bot, will become Chair of Q-Bot. Dr Ilian Iliev, CEO of NetScientific and Investment Director of Q-Bot, expressed pleasure at Q-Bot's successful fundraising, stating, "The company's technology licensing, and installations business units each have a route to break-even within this vast market, and we wish it every success in executing on its plans to grow the technology platform, including on an international scale, whilst servicing a high-quality existing UK sales pipeline."

Application will be made for the Consideration Shares to be admitted to AIM, and it is expected that dealings will commence at 8.00 a.m. on or around 2 August 2024. Following Admission, the total issued share capital of the Company will consist of 24,357,555 Ordinary Shares. The Company does not hold any shares in treasury. Therefore, the total number of voting rights in the Company will be 24,357,555 Ordinary Shares.