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Perth-based graphene semiconductor company Adisyn Ltd (ASX: AI1) has secured firm commitments for a $14 million institutional placement backed by Regal Funds Management and Meitav, Israel's largest investment house, following milestones achieved in graphene production for military applications.
Regal Funds Management, which manages more than $20 billion in assets, and Meitav, with about $190 billion in assets, together anchor the institutional book, giving the micro-cap company cornerstone investments from two sizeable fund managers across different geographies.
The placement, priced at 6.75c per share, represents a 10 per cent discount to Adisyn's previous closing price of 7.5c - and almost half the company's current share price which was trading 53pc higher at 11.5c at 12.02pm (AEST).
The raise comes on the heels of two milestones announced in the same week.
On 20 April 2026, Adisyn's subsidiary 2D Generation demonstrated low-temperature graphene deposition on an industrial atomic layer deposition system - a process that stayed within the thermal limits required for compatibility with existing semiconductor fabrication plants.
Two days later, the company announced it had secured an exclusive worldwide licence from Tel Aviv University for graphene-based radar absorption technology designed for stealth drone applications.
Adisyn acquired 2D Generation, a graphene technology developer, in late 2024.
The subsidiary's core proposition is that graphene - a single-atom-thick layer of carbon - can solve the interconnect bottleneck facing advanced semiconductor manufacturers as chip architectures shrink below two nanometres.
The graphene deposition breakthrough, demonstrated on a one-centimetre-square coupon, is an early-stage result.
“We have already demonstrated strong proof-of-concept results, and now, with exclusive global rights and a structured program in place, we are focused on advancing this technology towards real-world applications" says Adisyn managing director Arye Kohavi.
"We believe this has the potential to become a meaningful value driver alongside our core semiconductor program.”
The stealth technology licence adds a second commercialisation pathway.
Under the agreement with Tel Aviv University, Adisyn holds exclusive worldwide rights to the graphene-based radar absorption technology, which laboratory testing has shown can reduce radar cross-sections by about 20 decibels - equivalent to a 100-fold reduction in radar visibility.
The company is targeting 30 decibels, or a 1,000-fold reduction, through a 12-month research program costing less than $100,000.
Kohavi says the stealth program represents a "meaningful value driver" alongside Adisyn's semiconductor work, framing the dual focus as complementary bets on graphene's commercial potential.
The global military drone market is forecast to reach US$20.7 billion ($32 billion) in 2026, growing to US$66.5 billion ($103 billion) by 2035, according to research firm Global Market Insights.
The global semiconductor market, meanwhile, is forecast to hit US$975 billion ($1.5 trillion) in 2026, according to the World Semiconductor Trade Statistics organisation.
Chairman Kevin Crofton and non-executive director Dominic O’Hanlon have subscribed for a total of $200,000, subject to shareholder approval.
Funds raised from the placement will be directed towards advancing both the semiconductor and stealth technology programs.
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