Forbidden Tech Raises £8.9m In FORscene Development

Forbidden Technologies has announced news that it has raised a further £8.9m ($13.8m) through placing and open offer to continue developing its FORscene cloud video platform.
In June 2013, Forbidden Technologies announced a conditional Firm Placing of 40m new Ordinary Shares. The goal was to raise £8m pounds from new shareholders.
At the same time, the company offered an additional 5m ordinary shares in an open offer to existing shareholders, with the goal of raising another £1m. As of mid-July, Forbidden had sold 91% of those 5m shares.
"When we issued our offering, we hoped to garner interest from both new and existing investors. The fact that we've been able to raise nearly 1 million pounds from existing investors alone is a testament to the strength of our product — and the strength of support for our strategy," said Forbidden CEO Stephen Streater.
"This new round of funding gives us the capital necessary to expand the company and solidify our position of leadership in cloud-based video editing."
"Forbidden will use the influx of new funding to expand marketing for FORscene, support distributors in providing after-sales service to end customers, provide additional working capital to expand and develop new customer relationships, and make new appointments that will strengthen the senior management team," a statement from the company said.
"Forbidden intends to widen its reach globally for the FORscene editing platform. On-site FORscene ingest servers are already in use at some renowned post-production companies — such as ENVY, Shed Media Group, and The Farm Group — to integrate with existing post-production services and provide cloud-based logging, editing, reviewing, and approval. In addition, international value-added resellers and partners, including Atos, deltatre, and Key Code Media, offer localised FORscene service."
www.forbidden.co.uk
(IT/JP)