Dallas-based spectral imaging device developer Spectral AI has secured a prepaid advance of $12.5 million for commercializing the company's research and development activities.
"Together with our nondilutive funding from various U.S. Government agencies, this new equity-linked instrument supports our strategic imperatives," said Spectral AI CEO Peter Carlson.
The prepaid advance is part of a larger $30 million standby equity purchase agreement (SEPA) that will replace Spectral AI's existing committed equity facility, the company said.
Earlier this week, the company received a $1 million investment to support its recently formed subsidiary, Spectral IP.
