A $500,000 unregistered mezzanine investment round initiated by Vortex Control Technologies was subscribed by seventeen financial backers. According to the information disclosed, the placement started almost two weeks ago and was fully subscribed. One prior placement was closed under regulation D by the company and raised an estimated $2.2 million.
Vortex Control Technologies commercializes a proprietary and patented aerodynamic technology and software that enables the company to model, predict, redirect and control aircraft vortex flow. This reduces aircraft drag and saves fuel, reduces carbon emissions, extends aircraft range and endurance and in many cases increases payload and/or reduces takeoff distances. The company currently markets “finlets” devices that are attached to the aft portion of the aircraft fuselage. Finlets’ kits retail between $400,000 and $2.3 million.
The company, headquartered in New York NY, is led by Brett Smith (Chairman). Vortex Control Technologies kept its revenues undisclosed.
The executive team includes Andrew Morgan, Charles Dixon and Derek Roberts.
The board of directors includes Joseph Kerrey, Pj Mcgoldrick, Peter Smith and Scott Horowitz.
The company has raised an estimated total of $2.7 million via private unregistered security offerings.
Company: Vortex Control Technologies
Industry: Other Technology
Amount offered: $500,000
Amount placed: $500,000
First sale: 05-20-2014
Data as of: 05-20-2014