A first close of $884,000 was initiated by Ornicept on its $1.25 million equity offering. So far twenty-one investors committed to the non-brokered placement which started a week ago. Based on the offering’s structure, the company has until May 2015 to raise an extra $366,000. This is the first time Ornicept is selling securities under a registration exemption.
Ornicept develops and markets an end-to-end solution called Specteo designed for fieldwork data collection and management. The solution encompasses a cloud-based survey design and administration application (app). Field data collection can be tracked in real time and all observations, photographs, GPS coordinates, and notes are automatically encrypted and transmitted to secure servers via the cloud. If field technicians are out of range, the data is stored and uploaded as soon as a signal is available. The app runs on Windows 7 and Android 4.0 or higher operating systems. The company also resells ruggedized field tablets configured to the company’s specification.
Justin Otani (CEO, President and Treasurer) leads the Ann Arbor MI based company which was registered in 2012. Ornicept elected to keep its revenues undisclosed.
The executive team includes Russell Conard.
Status: First close
Industry: Other Technology
Amount offered: $1.25 million
Amount placed: $884,000
First sale: 05-15-2014
Data as of: 05-22-2014