- Online education company KNeoMedia will raise $1.24 million through a share placement
- The company will use the funds to support growth in the U.S. market
- KNeoMedia’s software helps students learn through story-based adventures
- Company shares saw a small spike in late afternoon trade but settled back to close at 3.1 cents per share
Online education company KNeoMedia will bank $1.24 million in a successful share placement.
The Software as a Service (SaaS) company will issue over roughly 41 million new shares at three cents apiece to raise the cash.
According to KNeoMedia, the company will use the funds to advance growth and development of its products particularly in the U.S. market.
KNeoMedia creates online programs to help educators “meet the challenges of the 21st century”.
Essentially, the software combines customised story-based content with professional resources to cover six categories of learning: literacy, science, maths, art, critical thinking, and life skills.
This is done primarily through KneoWorld.com, which is the portal through which these educational games are accessed. KneoWorld’s adventure stories are aimed at engaging students in each episode of an epic journey while teaching them important skills.
KNeoMedia CEO James Kellett said the company is set to report further sales in the near future.
“Awareness of the KneoWorld technology is growing considerably in the United States general education sector which has over ~23 million elementary school students alone,” he said.
KNeoMedia shares saw a small spike in late afternoon trade but settled back to close at the same price as yesterday. Currently, shares are worth 3.1 cents each and trade in a $22.13 million market cap.