Nanoveu (ASX:NVU) upsized its current placement by AU$310,000 to over AU$3 million following the receipt of additional investment from an existing participant, according to a Monday filing with the Australian bourse.

The placement, which was originally targeted to raise AU$2.7 million, comprises the issue of new shares at AU$0.031 apiece. It includes a one-for-two free attaching option, exercisable at AU$0.045 each and expiring on May 9, 2027.

Funds will support the commercialization and further development of the company's EMASS semiconductor technologies, EyeFly3D visualization platform, and Nanoshield solar product, the filing stated.

Nanoveu's shares were up 3% in recent trade.