PicoCELA (PCLA) said Tuesday that it has raised about $1.8 million in gross proceeds on the closing of its offering of 6.1 million American depositary shares.

Each ADS represents one common share of the company.

The Tokyo-based provider of enterprise wireless mesh solutions said it plans to use roughly 70% of the proceeds for working capital and general corporate purposes, and the remaining 30% for product development and research.