Syft Technologies is looking to raise $5 million to boost its presence in the United States.
The Christchurch-based company, which produces chemical sniffer technology, recently posted a loss of $2 million for the six months to September, although revenue rose fourfold. Syft says it's on target to post annual revenue of $5.2 million.
The $5 million is through a private placement and a rights issue to existing shareholders.
It is offering shares at 8 cents each for every three shares that investors already hold.
Chief executive Geoff Peck says Syft is looking to expand in the US, and needs people on the ground, knocking on doors in the oil and gas, container security, medical and food sectors.
