Forbidden Technologies Raises £8.9M Through Sales of Shares
Forbidden Technologies, creator of the FORscene web-based editing platform, announced that it has raised an additional £8.9 million (U.S. $13.8 million) through sales of additional shares. In June of this year, Forbidden created a conditional Firm Placing of 40 million new ordinary shares, intended to raise £8 million from new investors. The company also offered an additional 5 million shares to existing investors to raise £1 million. Today, Forbidden announced that it sold 91 percent of the 5 million shares to existing investors by mid-July.
Forbidden plans to use the investment to increase marketing for the FORscene platform. It will also develop new customer relationships, make staffing changes to strengthen its senior management, and support its distributors by offering after-sales services for end-users.
Forbidden's primary goal is expanding global reach for FORscene. The company notes that major post-production facilities including Envy, Shed Media Group, and the Farm Group currently use FORscene ingest servers integrated with post-production services.
Forbidden CEO Stephen Streater says the fact that his company received an additional £1 million from existing investors shows strong support for the product and the company's strategy.
"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," Streater adds.
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