Canadian data security firm Zyber Secure Mobile Solutions has raised AU$3 million in its first round of funding since landing on the Australian Securities Exchange (ASX) at the end of last year.
Zyber said the cash will be used to fund its next phase of growth, which includes the commencement of trials of a new version of its product, with five large enterprise companies from industries such as telecommunications and retail taking part.
The company's flagship product is a communication platform that allows users to securely share data without leaving a digital footprint.
With AU$3 million at hand, CEO Clay Epstein said Zyber is currently eyeing up potential acquisitions in the cybersecurity space.
"The company has identified a small handful of potential acquisition targets that fit our stringent criteria, and we will provide and update should we decide to progress any transaction that will bring immediate value to shareholders," Epstein said.
"Regardless of whether we make an acquisition, the next few months will be an exciting period for the company as there are a number of important milestones."
Zyber found itself listed on the ASX following a reverse takeover of Perth-based Dourado Resources in December.
Dourado initially entered into an agreement with Zyber and Blue Cove Capital Corp -- the founding shareholder of Zyber -- in September to wholly acquire Zyber for 700 million shares and 270 million exchanged shares in three equal tranches that the company said would be issued on the achievement of certain milestones.
In October, Dourado announced that it would give Zyber an initial loan of up to CA$260,000 with an interest rate of 6 percent; the loan amount was then scheduled to increase to CA$600,000 upon shareholder approval, which was gained in November.
The loan is to be paid back at Zyber's discretion and is repayable in either cash or share equivalent.
Epstein said that the company is currently preparing to relist the Dourado stock as Zyber Holdings before the end of January.
Zyber joins an ever increasing list of international companies that are entering the ASX via a backdoor listing.
Last week, Silicon Valley's ShareRoot commenced trading on the ASX after it raised AU$5 million as part of a reverse takeover of Perth-based Monto Minerals.
With a previous interest in tin mining just outside of Cairns, ShareRoot's shell company has now taken on 30-plus existing clients such as the University of California, Coleman Camping, Costco, eBay's StubHub, and a group of Texan McDonalds.
Through the use of ShareRoot's user-generated content marketing platform, clients can find and source content publically created and shared on social media platforms such as Instagram, Facebook, and Twitter, the company said.
"ShareRoot firmly believes the future of marketing lies in the vast untapped potential of the ever-growing social media world," ShareRoot CEO Noah Abelson said.
"We are extremely excited to list on the ASX, as it marks a critical milestone in the company's development and provides a platform to expand the existing client base and add more product features."
Another Canadian firm, Kabuni, popped up on the ASX last September following a AU$7 million reverse takeover of Magnolia Resources, a mineral exploration company based in Perth. The client and designer matching app's CEO and founder Neil Patel previously told ZDNet that his plan is to use the ASX listing to raise more funds before it can be listed on the Nasdaq.
Headquartered in New York's Times Square, cloud-based education software provider LiveTiles performed a reverse takeover in April of Perth's Modun Resources, a company which was previously involved in the acquisition, development, and mining of thermal and coking coal deposits in Mongolia.
Similarly, Hong Kong-based mobile games developer Animoca Brands found itself publicly listed in Australia in January following a reverse takeover of another Perth-based mineral exploration company Black Fire Minerals. Black Fire raised AU$2.4 million to fund the acquisition, and recommenced trading as Animoca Brands Corporation Limited.
Last week, technology and entertainment company MSM commenced trading on the ASX after successfully raising AU$7 million as part of a reverse takeover of Minerals Corporation