Change: offered +9% / raised +33% / placed 99%
Inmobly’s $850,000 equity financing round increased by 9% to cap at $923,000. An additional $225,000 worth of securities was placed by the company with two investors since the company last released data last October. This brings to $915,000 the amount raised from the thirteen backers who subscribed to the offering. The offering’s expected net proceeds will amount to $713,000 which excludes $210,000 to be paid toward officers’ salaries. The subscription is structured to close once the 1% left is fully subscribed or next September at the latest. This is the first time the company is offering securities under regulation D of the Securities Act of 1933.
The company developed a patented PAUL (Predictive, Automated User-Centric Loading) technology to identify relevant multimedia content (videos on social feeds, sports highlights, news clips) and preload it to the user’s smart phone or tablet, using WiFi when available to save data plans. The videos can then be watched locally from the phone, even offline, and re-watched, without loading delays. Videos are refreshed regularly, so the device’s memory is not overloaded.
The company, headquartered in Columbus OH, is led by Hesham El Gamal (President). Revenues on or below $1 million were reported by Inmobly.
The executive team includes Nayer Wanas.
The board of directors includes Ryan Helon.
Status: Intermediary close
Industry: Other Technology
Amount offered: $923,000
Amount placed: $915,000
First sale: 09-23-2013
Data as of: 05-05-2014