A first close of $192,000 was initiated by Step Ahead Innovations on its fundraising effort started this month. 24% of the $816,000 non-brokered equity offering was placed with two investors. The private placement will remain open for a year while an additional $624,000 is raised by the company. Up to this point Step Ahead Innovations had raised an estimated $320,000 via one financing round. The equity offering’s expected net proceeds will amount to $683,000 which excludes $133,000 to be paid toward officers’ salaries.
The company focuses on leveraging a portfolio of patents and integrating them into practical consumer products. According to the company, there are several products under development aiming at changing the way people monitor water quality.
The company, headquartered in Williston VT, was registered in 2012. No revenues were reported for the latest fiscal year.
The executive team includes James Clark (President and CEO), Thomas D’urso, James Buran and Giuseppe A. Petrucci (Chemical Research).
Status: First close
Company: Step Ahead Innovations
Industry: Other Technology
Amount offered: $816,000
Amount placed: $192,000