Photonics IC company Rockley Photonics Holdings Ltd. has obtained $10 million in financing from holders of convertible notes due 2026. Andrew Rickman, founder, chairman and CEO of Rockley Photonics, has provided an additional $0.5 million, bringing the total amount of financing to $10.5 million.
The agreement also provides a structure by which an additional $15.0 million could be raised in the form of notes convertible into Rockley’s ordinary shares.
Rickman’s participation in the funding was reviewed and approved by the company’s audit committee and independent members of the company’s board of directors.
“As we approach the commercialization of our Biopt biosensing solution, we are at a critical point in the development of the company,” said Rickman, in a statement. “To that end, the bondholders and I devised a financing solution that would help us to deliver our product to our customers by year end. I believe this financing is a big step toward our achieving this goal.”
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