A first close of $690,000 was initiated by Inmobly on its fundraising effort started last month. 81% of the $850,000 non-brokered equity offering was placed with eleven investors. The offering will remain open for a year during which the company may raise an additional $160,000. This is the first time Inmobly is raising money on the private placement market. The equity offering’s expected net proceeds will amount to $640,000 which excludes $210,000 to be paid toward officers’ salaries.
Inmobly solutions use the patented PAUL (Predictive, Automated User-Centric Loading) technology to identify relevant multimedia content (videos on social feeds, sports highlights, news clips) and preload it to the user’s smart phone or tablet, using WiFi when available to save data plans. The videos can then be watched locally from the phone, even offline, and re-watched, without loading delays. Videos are refreshed regularly, so the device’s memory is not overloaded.
Hesham El Gamal (President) leads the Columbus OH based company which was registered in 2011. Inmobly reported revenues on or below $1 million for the latest fiscal year. The executive team includes Nayer Wanas. The board of directors includes Ryan Helon.
Status: First close
Industry: Other Technology
Amount offered: $850,000
Amount placed: $690,000