Share Prices & Company Research

Market News

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
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.