Tern Plc (LON:TERN), the investment company specialising in supporting high growth, early-stage, disruptive Internet of Things (“IoT”) technology businesses, has announced that Device Authority Limited, a company in which Tern had a 53.8% shareholding at 21 November 2023, has agreed a Series B type fundraising round, securing up to US$7.0 million in new equity investment from Ten Eleven Ventures, and US$0.3 million from Alsop Louie Capital 3, L.P via conversion of short-term loans. Of the Fundraising, Tranche One (“T1”) of US$4.0 million is expected to be completed before the end of 2023. Tranche Two (“T2”) of US$3.3 million, is contingent on approval pursuant to the National Security and Investment Act 2021 and acceptance of the approval by Ten Eleven Ventures.
Highlights
· Device Authority has agreed US$4.0 million of a planned US$7.3 million total Fundraising, US$3.7 million from Ten Eleven Ventures and US$0.3 million from Alsop Louie Capital 3, L.P via conversion of short-term loans. The remaining US$3.3 million from Ten Eleven Ventures is contingent on approval pursuant to the NASI and acceptance of the approval by Ten Eleven Ventures
· The total Device Authority Fundraising is intended to provide Device Authority with sufficient funding to enable to grow in line with its strategy beyond the end of 2024, including expanding its US activities
