Machine Safety Management disclosed selling 11% of its $2 million non-brokered equity financing round to one investor. According to the filing, $220,000 worth of equity was subscribed last Friday. An additional $1.78 million in funding is to be raised until the offering draws to a close in April 2015. It appears to be the first time the company is filling a security offering under a registration exemption.
The company designs and markets safety equipment for machine tools as well as an application to manage machine safety compliance and audit. The company’s flagship product is a hands free power control switch. Other products include guards and shields, and custom design services. The cloud based application include features such as audit reminders, machine life cycle tacking, and photo documentation among others.
The company, headquartered in Eden Prairie MN, is led by John P Reiter (CEO and President). Machine Safety Management elected to keep its revenues undisclosed.
The executive team includes Jack Reiter and Jeff Radichel.
The board of directors includes Andrew Rupprecht.
Status: First close
Company: Machine Safety Management
Industry: Other Technology
Amount offered: $2 million
Amount placed: $220,000
First sale: 04-25-2014
Data as of: 04-30-2014