Change: offered +0% / raised +29% / placed 67%
VirtualU reported in a document filed with the SEC that its $500,000 equity offering is 67% subscribed as of the filing date. Prior investors ponied up an additional $80,000. They had previously subscribed to $260,000 in securities according to another filing disclosed today. So far, ten backers committed $340,000 to VirtualU’s offering. The offering’s expected net proceeds will amount to $170,000 which excludes $340,000 to be paid toward officers’ salaries. The subscription will close either once the offering is sold in full or in one month, whichever one comes first. The company had disclosed a first close of $150,000 in May 2013 that was reported by Random Research.
It seems the company’s marketing approach was refined since we last reported on the company. At the time we thought the focus was on fashion and apparel online shopping, but it seems its first technology application is for the fitness market. VirtualU builds scanners to digitalize human bodies as well as consumer products in order to integrate them into interactive online environments. The company came out with VFit to track users body changes. The scanner is available at select gyms for now. It takes ten seconds for the scanner to render a hyper-realistic model of the users and their key statistics including: height, weight, BMI, fat %, lean muscle mass, waistline and resting heart rate. The users can monitor data from their smart phones and even share it with their personal trainers. With nine million + data points captured the application will report the slightest changes to users.
Louis Cirillo (President and CEO) leads the Blacksburg VA based company which was registered in 2012. Revenues were not reported. The executive team includes Caroline Pugh (COO) and Nicholas Gagianas (CMO – Chief Modeling Officer).
Status: Intermediary close
Industry: Other Technology
Amount offered: $500,000
Amount placed: $340,000