Algorhythm announce additional $9.5M capital infusion

Algorhythm (RIME) Holdings has received an additional $9.5M under its existing $20M financing facility, bringing total capital raised under the facility to $19.5M. At completion of this new funding, Algorhythm reported approximately $12.5M in cash on hand, providing ample capital to support the continued expansion of its SemiCab platform in India, the U.S., and other international markets. The Company intends to deploy the proceeds to: Accelerate U.S. go-to-market efforts for the newly launched SemiCab Apex SaaS platform; Grow its customer base and contract footprint in India; Expand geographically into new freight logistics markets; and Develop complementary products and services to strengthen the SemiCab platform. In addition, the Company has already repaid approximately $7M of the initial $10M under the financing facility, further reinforcing its balance sheet and increasing stockholders’ equity.