A technology company that started as a spin-out from Aberdeen University enjoyed a double boost yesterday.
Shares in Arria NLG spiked 11% after it revealed it had raised loans worth up to £545,000.
The AIM-listed firm founded on specialist data software developed by Aberdeen academics said the cash would be used to fund “general short term working capital requirements”.
It added that the loan note warrants were issued to “existing and new investors” in the firm.
Recently Arria unveiled plans to expand its reach down under by seeking listings on the New Zealand and Australia stock markets, raising £8.5million in the process.
Stuart Rogers, the chairman and chief executive of Arria, confirmed the company would maintain its research and development base in Aberdeen which is currently based in the university’s MacRobert building.
Arria’s “natural language generation” (NLG) platform specialises in interpreting and transforming reams of raw data into readable text.
The company acquired Aberdeen spin-out Data2Text and listed on the London Stock Exchange’s junior market in 2013.
Arria shares closed at 16.12p, valuing the company at over £23million.
