Israeli social media company HearMeOut trades on ASX
Israeli audio social media company HearMeOut is now trading on the Australian Securities Exchange (ASX) after raising AU$6.5 million at 20 cents per share from a consortium of domestic and international institutional investors.
The top shareholder in HearMeOut is Russian VC firm Vaizra Investments, launched by the founders of Russian Facebook rival VK.com.
The funding will be used for investment in media and automotive partnerships as well as the official launch of the app in the US market. It will also be used to fund additional R&D, business development, and marketing initiatives.
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HearMeOut allows users to share and listen to 42-second audio posts through the app's native feed, or on other social networks such as Facebook and Twitter.
The company secured an international distribution agreement with automaker Ford Motors to include the HearMeOut product within Ford's Sync AppLink technology, which allows drivers to use voice commands and steering wheel buttons to control their mobile apps.
Ford drivers will be able to listen to their social feeds while driving, record audio posts, and share them on social networks hands-free.
HearMeOut joins a wave of tech firms from Israel seeking to raise capital in Australia via a listing on the ASX.
The reverse takeover of Lithex Resources by Israeli lithium ion battery developer UltraCharge (formerly Voltape) is underway, with the mining entity closing its initial public offering on October 25.
Lithex, which raised AU$3.5 million at 5 cents per share, will be renamed to UltraCharge and expects to be reinstated on the ASX by the end of the year.
Israeli company Weebit Nano, which is looking to build technology that supersedes flash memory, recently relisted on the ASX after completing a reverse takeover of iron ore company Radar Iron and raising more than AU$5 million.
Cybersecurity vendor Genome Technologies, which focuses on internal threats such as those emerging from bring-your-own-device practices, is another Israeli company that debuted on the ASX this year after being acquired by mining company Drake Resources in a deal valued at AU$11 million.