ShowEvidence, Inc. successfully placed 50% of its $1 million non-brokered unit offering with two investors as part of a funding agreement signed this month. The unit is composed of equity and option, warrant or other right to acquire another security. The company expects to raise an additional $500,000 to close the offering within a year. This is the first time the company is offering securities on the US private placement market.
The company which emerged from stealth mode in November 2012 developed an evidence-based performance assessment and evaluation system for K12 and higher education. The tool strives to provide a comprehensive system for authoring, performing, and rating student and teacher’s work while automating the scoring of their performance based on evidence tagged in the work produced. A couple companies related to higher education, engagement and coaching of students have been in the market raising money over the last few months. Copley Retention Systems raised close to $700,000 while Game Theory Group International announced a first close of $75,000 at the beginning of the month.
Eric Docter (Co-founder, President and CEO) leads the Santa Clara CA based company which was registered in 2011. ShowEvidence elected not to disclose its revenues. The executive team includes Ameetha Palanki while the board of directors includes Susan Mason and Kim Rael.
Status: First close
Company: Showevidence, Inc
Industry: Other Technology
Amount offered: $1,000,000
Amount placed: $500,000