Sheffield-based industrial software company IntelliAM AI has conditionally raised approximately £6.4m through a share placing, retail offer and convertible loan note conversion, supporting plans to expand its manufacturing technology business and transfer its stock market listing to AIM.
The company has completed the subscription process for its retail offer, raising gross proceeds of £169,488 through applications for 242,126 new shares priced at 70p each. The retail offer forms part of a larger funding package involving 9,206,412 proposed new ordinary shares.
The largest component is an institutional placing of 8,919,598 shares, expected to raise approximately £6.24m before expenses. A further 44,688 shares are due to be issued through the conversion of £31,282 of existing convertible loan note principal and accrued interest.
That conversion represents a change in the form of existing financing rather than a new cash subscription. The approximately £6.4m total therefore combines fresh investor commitments with a smaller non-cash element.
Completion remains subject to shareholders approving the required resolutions at a general meeting on 19 November and the company’s shares being admitted to AIM. If those conditions are satisfied, trading on AIM is expected to begin on 20 November, replacing IntelliAM’s existing listing on the Aquis Stock Exchange Growth Market.
The proposed transfer is intended to give the company access to a broader institutional investor base as it develops its software operations. The board believes AIM will provide a more suitable market for the business’s next stage of growth, although the change has not yet taken effect.
IntelliAM develops software for monitoring industrial equipment, analysing manufacturing processes and identifying conditions that may affect production reliability. Its commercial offering combines sensor information, operational records and AI-supported analysis to help manufacturing businesses manage machinery and maintenance activities.
The IntelliAM 53 platform brings together reliability sensor readings, programmable logic controller data and maintenance work orders. It provides information on equipment condition and supports predictive maintenance activities, with the company reporting deployment across 87 sites.
The software is supplied through a subscription model, with charges linked to the amount of reliability data processed and the number of sensors involved. This structure connects recurring revenue to customers’ use of the platform rather than relying entirely on one-off equipment or software sales.
A second product, IntelliAM Decipher, analyses manufacturing process information to identify operating deviations and investigate potential causes of production problems. The company reports deployments at three sites, with subscription charges based on the number of manufacturing lines covered.
IntelliAM is also developing Enigma, an agentic AI capability intended to bring together information from across its software platform and support recommendations for operational action. Its longer-term development plans include greater automation within industrial control systems, although those ambitions extend beyond the capabilities currently reported as commercially deployed.
The proposed fundraising will support software development, additional sales and marketing activity, and expansion in North America. IntelliAM has established a presence in South Carolina and intends to strengthen its commercial operations in the United States while increasing adoption among existing UK customers.
Approximately 40% of the planned net proceeds are expected to support sales and marketing, including recruitment and customer acquisition activity. The company also intends to invest in software commercialisation and the operational resources needed to support a larger recurring-revenue business.
Management expects approximately £5.6m in net cash proceeds from the institutional placing after expenses, subject to completion. The retail subscription adds a smaller cash component, while the loan-note conversion will reduce outstanding financing obligations through the issue of equity.
The company’s plans for its industrial AI products and international expansion are therefore linked to the completion of the financing. Shareholders are scheduled to vote on 19 November, with the proposed admission to AIM and issue of the fundraising shares expected the following day if the necessary conditions are satisfied.
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