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05 Jul 2019 | 07:47

Mirriad reports strong trading, launches fundraise

Computer vision and AI platform outfit Mirriad Advertising said that its new contract with Tencent, taken together with other recent activity, will result in 2019 revenue exceeding that recorded in 2017.

It will also be substantially greater than revenues in 2018. Mirriad now expects minimum revenues of £1.1m in 2019 and £2.2m in 2020 based on existing customer contracts and before the impact of any incremental revenue arising from ongoing commercial discussions.

At the end of May Mirriad had cash resources of £10.2m, with monthly cash consumption continuing to run at around £1m per month.

Mirriad also announced that it has raised a further £14.18m through a placing, conditional on shareholder approval at a general meeting to be held on 31 July 2019.

The proceeds of the placing will be used for general working capital purposes and to provide the group with sufficient funds to demonstrate the efficacy of its new go-to-market strategy and revenue traction with partners in its key markets.

Stephan Beringer, CEO of Mirriad, said: 'There is now a real sense of momentum surrounding the new strategy we are implementing at Mirriad. The Tencent contract is a very important milestone and proof of the work we are undertaking to get our Academy Award-winning technology to transform the way advertisers can engage with their target audiences.'

Story provided by StockMarketWire.com
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