Australian tech company Kyckr (ASX: KYK) has received a major boost in confidence after securing a $5.2million capital raise led by billionaire Richard White, founder of WiseTech Global (ASX: WTC).
Funds raised will be utilised to accelerate Kyckr’s commercialisation strategy, which currently offers corporate KYC (know your customer) tech solutions in more than 120 countries.
KYC is the process of verifying an individual’s information across various information sources, commonly Government organisations, to confirm the person on the other side of a computer screen is who they claim to be.
“I can see in Kyckr, a product, business and opportunity set that can be leveraged and accelerated to major advantage, and I am grateful to be able to help the company accelerate its growth ambitions both in the placement and, time permitting, occasional advice to the team,” said White.
White founded WiseTech Global back in 1994, producing software for the logistics industry which enabled businesses to centralise customs, compliance and supply chain processes. Listing the Company on the ASX in 2016, shares in WiseTech have surged from its $4 per share listing price to now trade around $35 per share. More than 12,000 logistics organisations globally utilise WiseTech’s software.
Still serving as CEO of WiseTech and with a 53% stake in the Company, Forbes estimates White’s net wealth to be $3.8 billion.
“We are delighted by the support received from new and existing investors. It is particularly rewarding that someone of the calibre of Richard has become a strategic investor which validates the strong appeal in Kyckr’s technology and business proposition,” said Kyckr CEO, Ian Henderson.