EnSilica PLC on Thursday said it was seeking to raise up to £10 million via a fundraise to support business development.
The Oxford, England-based computer chip maker intends to raise £4.5 million via a firm placing and £5.2 million via a conditional placing at 47 pence per share.
The placing is being made available to certain institutional investors and will be conducted by way of an accelerated bookbuild.
In addition, Ensilica looks to raise £300,000 via a retail offer.
Proceeds will be used progress user-terminal application specific standard product chips to accelerate potential supply revenues and unlock around £2.0 million in matched funding available from the previously announced £10.4 million non-dilutive UK Space Agency Award.
Further, Ensilica will seek to accelerate ASIC supply contract conversion through co-investment to aid in closing near-term design wins, scale supply revenues through increasing supply volumes and support anticipated additional contract wins and general working capital.
Shares in Ensilica closed up 1.0% at 50.00 pence each in London on Thursday.
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