(Reuters) – Swedish company Tobii on Monday announced plans to raise 450 million crowns ($50 million) in a rights issue to put money into technology for virtual reality and smartphones.
The business’s eye-tracking technology helps by identifying where they’re looking on their displays disabled people use computers.
“The interest for eye tracking in various consumer programs has developed at a significantly more rapid rate than we expected at the time of the IPO in April 2015,” it said in a statement.
On a further note, the cash is to be used for development of market leading positions for virtual reality and smartphones.
Previously, it has been MSI, Acer and Dell who have released computer games that incorporate Tobii’s eye-tracking technology for the purpose of some 40 games.
The company said its technology has been selected by a big smartphone manufacturer for one smartphone version.
Tobii’s system uses invisible infra-red light. Camera detectors capture the reflection off cornea and the retina to judge where it’s looking, and where the eye is.
In an indication of the technology’s raising value, Alphabet Inc’s Google purchased eye tracking company Eyefluence.
Tobii said investors representing about 40 percent of its voting rights have expressed support for the rights issue.
Assuming it’s approved, Tobii intends to invest another 150 million in smartphone technology between 2017 and 2019 and about 150 million crowns in virtual reality.
Shares in Tobii are trading about flat year to date but are upward nearly 170 percent since going public.