FortifAI (ASX:FTI) has secured firm commitments to raise AU$15 million through a placement to institutional and sophisticated investors, issuing around 21 million new fully paid ordinary shares at AU$0.715 each, according to a Tuesday filing with the Australian bourse.

The shares will settle on May 6 and are expected to be allotted around May 7, per the filing.

The funds will be used to strategically support the company's growth objectives by accelerating technology, marketing, and business development for Nol8 Technology, enhancing business development programs for existing assets, strengthening commercial initiatives, and providing general working capital, the filing added.

The company's shares jumped 27% in recent Tuesday trade, earlier hitting their highest level since April 2023.