A first close of $144,000 was initiated by KinematIQ on its fundraising effort started last month. 48% of the $300,000 non-brokered equity offering was placed with six investors. The private placement will remain open for a year while an additional $156,000 is raised by the company. No previous known private placement was initiated by the company in the US. The company is a massChallenge graduate.
The company developed a small, cheap and simple sensor device that tracks movements. The sensor is coupled with a back end software platform that makes sense of the data for all thinkable applications, with an open API to encourage further adoption. The company has a working prototype and initially targets kitesurfing applications to track jump related data.
The company, headquartered in Winthrop MA, was registered this year. Revenues were not available for the latest reporting period. The executive team includes Leonard Koenig and Siebren Ijtzen Zeilstra. The board of directors includes Johnny Hujol.
Status: First close
Industry: Other Technology
Amount offered: $300,000
Amount placed: $144,000