AssetOwl launches capital raising to fund commercialisation of Inspector360 property management platform

AssetOwl capital raising fund commercialisation Inspector360 property management platform ASX AO1
AssetOwl will use the capital raised to expand its Inspector360 property management platform.

Property Technology company AssetOwl (ASX: AO1) has announced it will launch a $1.5 million capital raising to fund the rapid expansion and commercialisation of its next-generation Inspector360 property management platform.

The raising will comprise a placement to new and existing investors and a non-renounceable pro-rata rights offer to eligible shareholders.

The company will place 75 million ordinary shares at $0.008 each to raise $600,000 before costs.

The rights offer will be made on a three-for-eight basis, being three new fully paid ordinary shares in AssetOwl for every eight existing shares held.

The issue price will also be $0.008 for up to 112,957,804 new shares to raise up to $903,662 before costs.

Inspection software

Inspector360 has been designed for real estate owners, managers, tenants and agents to generate a photographic record of property upkeep during the entirety of a lease.

The platform incorporates 360-degree imagery, video, voice-to-text and hot-spot mapping of floor plans to accurately document property condition reports, significantly boosting the efficiency of the inspection process and the quality of the outcomes.

Earlier this month, AssetOwl launched a virtual tour capability for Inspector360 as a solution to social distancing measures brought about by COVID-19.

Scale capability

Co-founder and chief technology officer Giuseppe Di Franco said the proceeds of the capital raising would be used to scale the deployment capability of AssetOwl’s photocentric property management platform and provide working capital as it increases its customer base.

“The capital we raise through this placement and rights issue will empower us to rapidly expand the commercialisation of inspector360, which is in market and stimulating great interest across the property industry,” he said.

Mr Di Franco, his fellow directors and their associated entities have committed to subscribe for approximately $192,000 of new shares by accepting their entitlements under the offer, while significant shareholder Ogee Australia Pty Ltd has committed to subscribe for $55,000.

“I intend to take up my full entitlement under this issue, and to the extent permissible, will seek to increase my stake in the company by participating in any shortfall,” Mr Di Franco said.

“I have never been more excited by AssetOwl’s market potential and look forward to executing the company’s growth strategy alongside the board and my fellow managers,” he added.