Solovis disclosed selling 25% of its $1 million non-brokered financing round to one investor. According to the filing, $250,000 worth of equity was subscribed a little over a week ago. The offering will remain open until March 2015 while an additional $750,000 worth of securities is sold to investors. The equity offering’s estimated net proceeds will amount to $750,000 which excludes $250,000 to be paid toward officers’ salaries. This is the first time Solovis is selling securities under a registration exemption.
The company designed and markets a portfolio management platform designed to streamline monitoring and reporting tasks for investment managers that invests across asset and instrument types from public companies to private equity fund-of-funds. According to the company the platform allows data aggregation for hedge funds, private equity funds, portfolio companies, direct securities and other asset types from service providers, accounting systems or directly within the system itself. Users can supplement data at any level of investment including estimated performance, proxied performance, risk exposure and report internally and externally on any custom defined tag set, investment, or entity. The system features customizable reporting, document management and CRM among others.
The company, headquartered in Birmingham AL, was registered in 2013. Solovis elected to keep its revenues undisclosed.
The executive team includes Caleb Doise.
The board of directors includes Edward P Meissner.
Status: First close
Industry: Other Technology
Amount offered: $1 million
Amount placed: $250,000
First sale: 03-24-2014
Data as of: 04-01-2014