A UK tech company cracking down on counterfeit handbags and jewellery has raised £1million from retail investors after listing on London’s AIM market on Friday.
Quantum Base, which was spun out from the University of Lancaster, completed a fundraising of £4.8million through a placing and ‘significantly oversubscribed’ retail offer via RetailBook.
Boss Tom Taylor said the result gives the group ‘direct access to a large, sophisticated pool of investors, and provides further independence and credibility for our business’.
Quantum Base makes security labels similar to QR and barcodes – but applies quantum physics to create unique ID tags to an atomic level.
This means they contain a ‘fingerprint’ made up of billions of randomly arranged atoms which are impossible to copy, the firm says.
Its tags are used to prevent counterfeiting of government documents such as passports, but the company is also marketing its devices to clamp down on fake luxuries including watches, jewellery and handbags.
Listing: Quantum Base applies quantum physics to create unique ID tags to an atomic level
Quantum Base says its products can ‘significantly’ reduce counterfeiting, which is ‘a $2.8trillion global problem’.
The group, whose shares will trade under the ticker QUBE, will have a market cap of approximately £14.8million upon entry with shares trading at 24p on Friday.
It intends to use the proceeds of the fundraise to fund commercial development and sales initiatives, including science, software and commercial hires, and product development.
Taylor said: ‘I am thrilled to commence trading on AIM today, marking a key step in our decade long journey from a Lancaster University spin-out to a British scientific success story.
‘The success of the fundraise is a strong endorsement of our mission to cement ourselves as the new global standard in authentication which, in the face of a growing counterfeiting problem, is more important than ever.
‘The funds raised will enable us to further accelerate commercialisation and expand into new product lines.’
Managing director at RetailBook, which managed the fundraise for retail buyers, Fahim Chowdhury said the oversubscribed offering ‘attracted interest from a diverse age range, highlighting the widespread appeal of this British-backed technology venture’.
He added: ‘Serving as the retail investment coordinator for Quantum Base’s UK IPO is a significant achievement for the RetailBook team and our partners.’
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