Change: offered +0% / raised +296% / placed 18%
The planned $1 million convertible promissory note offering was reported by SpeechTrans as 18% completed. An additional $133,000 worth of securities was placed by the company with sixteen investors since the company last released data a couple of months ago. This brings to $178,000 the amount raised from the twenty-one backers who subscribed to the offering. The offering is structured to close in about a year at the latest. The company is issuing unregistered securities for the first time.
The company developed and markets cloud-based multi-lingual translation, speech recognition and dictation software. The applications can be used as a personal portable interpreter, or as an enterprise cloud dictation solution. The applications are available for WP (Windows Phone), Blackberry, Android and iOS as well as for Mac and Windows.
The company, headquartered in Lyndhurst NJ, is led by John Frei (CEO). SpeechTrans kept its revenues undisclosed.
The executive team includes Yan Auerbach.
The board of directors includes John Mickowski, Simon Basin and Stephen Dyer.
Status: Intermediary close
Industry: Other Technology
Amount offered: $1 million
Amount placed: $178,000
First sale: 01-15-2014
Data as of: 04-03-2014