A first close of $615,000 was initiated by Strong Arm Technologies on its fundraising effort started last month. 68% of the $900,000 non-brokered debt offering was placed with seven investors. The company will attempt to raise an additional $285,000 in funding before the end of the offering a year from now. The company hasn’t previously offered securities on the private placement market. Strong Arm is a mass challenge alumnus and was awarded $100,000.
The company is a designer of personal performance equipment. Strong Arm first product is Strong Arm Vest, a patent-pending load distribution device that removes the injury-causing loads from the weaker hands, arms neck and lower back, and distributes those forces to stronger more capable areas of the torso. The device is designed with workers’ health and longevity in mind and marketed as an efficient way to mitigate injury related compensation claims for companies.
Strong Arm Technologies, registered in 2013, is headquartered in Rochester NY. It is led by Sean Petterson (President). Revenues were not available for the latest reporting period. The executive team includes Justin Hillery. The board of directors includes Susan Riley.
Status: First close
Company: Strong Arm Technologies
Industry: Other Technology
Amount offered: $900,000
Amount placed: $615,000