DeepVerge raises £10m in share placing to fund expansion

DeepVerge, the London-listed scientific research group founded by Irishman Gerry Brandon, has raised £10 million (€11.6 million) in a new share placing.

The group, which announced a major expansion at its Fermoy, Co Cork-based scientific data management company Rinocloud recently, said it intends to use the funds to scale at it looks to meet increased demand.

DeepVerge secured the financing through the placing of shares at a price of 30 pence per new ordinary share. This represented an 11.8 per cent discount on Friday’s closing price.

The group, formerly Integumen, operates three companies that cover environmental monitoring, life sciences and data/artificial intelligence. It employs more than 90 people across Fermoy, York, Delaware and Shanghai, and has over 60 patents.

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Rinocloud last month announced it was to create over 60 highly-skilled roles in Fermoy as part of a major expansion at its centre, which plays a role in the detection of pathogens such as E-coli and the coronavirus SARS-CoV-2, which leads to Covid.

Headquartered in Cambridge, England, DeepVerge is listed on the AIM in London.

"This fundraising enables the company, on three continents, to scale, to meet increased demand, while expanding revenues faster across the group," said Mr Brandon.