LONDON (ShareCast) - Cyan Holdings has raised £4.1m from the placing and subscription of 2.06m shares.
The proceeds will be used to fund staffing costs for the delivery of customer projects won in India, development and delivery of managed service solutions, business development, customer deployments and further product development work.

Executive chairman John Cronin said: "We are pleased to be able to continue to attract significant investor interest in the company and its prospects.

"We believe that we have now reached an inflexion point in the business following multiple commercial orders for both our smart metering and lighting solutions from customers in several emerging markets around the world."

He continued: "There is an opportunity for Cyan to further develop El Sewedy as a channel into other markets, where they already have a strong presence. The fundraising proceeds will be invested in the delivery of customer projects (both already won and to be won), as well as incremental investment in extending our software solutions to add new functionality that we will license to utility customers in emerging markets around the world."

Shares had declined 21.15% to 0.205p by 15:49.

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