Kngine disclosed hitting the market to raise $650,000 via debt issuance. $500,000 has already been subscribed by one financial backer. The non-brokered placement started on March 24th. Based on the offering’s structure, the company has until March 2015 to raise an extra $150,000. This is the first debt financing done by the company under a registration exemption. The company is backed by Swari Ventures a MENA focused investment firm.
The company is behind the development of a knowledge engine designed to continuously read the web, understand its content and build a knowledge library. The goal is to have an engine that answers the user’s questions instead of returning web links. Applications are available for iOS and Android for free.
The company, headquartered in San Mateo CA, is led by Haytham Elfadeel (CEO and President). Kngine kept its revenues undisclosed. The company also has offices in Cairo Egypt.
The board of directors includes Ahmed El Alfi, Ashraf Elfadeel and Brendon Kim.
Status: First close
Industry: Other Technology
Amount offered: $650,000
Amount placed: $500,000
First sale: 03-24-2014
Data as of: 04-07-2014