A first close of $950,000 was initiated by Krimmeni Technologies on its fundraising effort started this month. 79% of the $1.2 million non-brokered mezzanine offering was placed with four investors. The offering will remain open for a year during which the company may raise an additional $250,000. One prior placement was closed by the company raising an estimated $1.5 million.
The company developed and licenses a patented method and system called “recursive security protocol” for digital rights management (DRM). This system enables content and technology providers to deliver consumer-friendly solutions while still ensuring fair compensation to content providers. The technology is designed to support the principles of “Fair Use” and the “Right of First Sale”. “Fair Use” allows consumers to make any number of unsupervised copies of their legally purchased property. “Right of First Sale” allows consumers to resell a purchased product at any time. The unique nature of this Recursive Security Protocol permits both of these functionalities without infringing on any of the traditional rights of the copyright holder.
The company, headquartered in Austin TX, is led by David Lundgren (Chief Executive Officer). Krimmeni Technologies elected not to disclose its revenues. The executive team includes William V. Oxford and David A. Lundgren. The board of directors includes Richard Shriner, Brian Thompson and Harry J. Rosenbluth.
Status: First close
Company: Krimmeni Technologies
Amount offered: $1.2 million
Amount placed: $950,000