IQX Limited announced a private placement of common shares for gross proceeds of AUD 3,000,000 on December 18, 2014. The transaction will include participation from sophisticated and professional investors. iQ3Corp Limited will act as a lead placement agent in the transaction.

On July 24, 2015, the company announced that it has amended the terms of the transaction. The company will now receive up to AUD 5,000,000 in funding until February 28, 2016.

On August 31, 2016 the company announced that it has extended the closing period until March 31, 2017.