Addvalue Technologies raises S$13.1m from share placement, convertible loan

MOBILE satellite communications group Addvalue Technologies has raised S$13.1 million and intends to use it to commercialise what it calls the world's first inter-satellite data relay system services, it said in a Singapore Exchange filing on Tuesday morning.

It raised the funds through a mix of share placements and convertible debt, from an unnamed "established venture investment firm" and other investors.

It said in its statement that besides the inter-satellite data relay system services, it would pursue growth in markets such as satellite communications for fishery industry vessels.