CurveBeam AI (ASX:CVB) received firm commitment to raise AU$6.5 million via the issue of 72.2 million shares to institutional and sophisticated investors at AU$0.09 apiece, according to a Monday filing with the Australian bourse.

The offer price represents a 24.4% discount to the company's fifteen-day volume-weighted average price, the filing said.

Proceeds will be used to fund sales and marketing, research and development, supply chain, as well as for working capital and offer costs.

Shares of the company fell past 15% in recent Monday trade.