$732,000 was raised by SVIRAL according to information filed with the SEC. The company initiated a first close after selling 2% of its planned $30.4 million unregistered private offering. The non-brokered equity securities started to be sold to six investors almost two weeks ago. An additional $29.67 million in funding is to be raised until the offering draws to a close in May 2015. Until this disclosure SVIRAL had raised an estimated $5 million in unregistered securities via one previous financing round.
SVIRAL develops a technology that enables efficient and full utilization of idle core (Dark Cores) within multi-core processors across devices such as gateways, infotainment boxes, office computers, and laptops. The computational power harvesting and its subsequent redirection is then used for the purposes of offering cost effective, scalable, secure, and reliable geo-dispersed distributed cloud services. According to the company, cost savings occur for data storage with less network and personnel costs, less energy and cooling costs, as well as a reduced carbon footprint and high-redundancy built in. The technology is licensed to an affiliated and public company called LeoNovus (TSX: LTV.v).
The company’s headquarters are located in Sunnyvale CA. SVIRAL elected to keep its revenues undisclosed.
The executive team includes Gordon Campbell.
The board of directors includes David Bowman, Gary Martin and Scott Mercer.
The company has raised an estimated total of $5.73 million via private unregistered security offerings.
Status: First close
Amount offered: $30.4 million
Amount placed: $732,000
First sale: 05-08-2014
Data as of: 05-20-2014