Excite hopes to raise $2M for AI capabilities

Excite Technology Services has signed  a deal with Belgravia Group to provide an option of up to $2 million to strengthen its sales and artificial intelligence (AI) capabilities.

In an announcement on the Australian Securities Exchange (ASX), Excite said the arrangement is for an option for the business group to invest up to $2 million in Excite by way of convertible note, issuing up to 200 million shares at $0.01 per share.

This is a 25 per cent premium to the previous closing price of the company, with an expiration date of 30 September.

The business formerly known as Cipherpoint said if the investment moves ahead, raised funds would go towards additional sales capability and capital for continued development of its AI-supported service capability.

If the option is exercised, the convertible notes will have an expiry of three years after issue and will concert at either the earlier of that expiry date or at the holder’s election.

Belgravia was started in 1990 by Geoff Lord as its chairman and CEO, who has played a part in numerous Australian technology businesses. This includes his time as chairman and founder of UXC and led cyber security provider’s Tesserent’s growth, restructure and sale to Thales.

The business group describes itself as a “family owned, family run, multigenerational business … servicing Australia and New Zealand across a broad sweep of business which are loosely divided into those dedicated to movement and those to business”. The industries it covers include technology, health and fitness, leisure, tourism, property and finance.