LightSail revised its offering cap upward to $10.24 million and received $8.69 million in commitments

Change: offered +124% / raised +153% / placed 85%

lightsale LightSail upped its financing to $10.24 million from $4.56 million after receiving new commitments. An additional $5.25 million worth of securities was placed by the company with sixteen investors since the company last released data almost a year ago. This brings to $8.69 million the amount raised from the thirty-five backers who subscribed to the offering. The offering is structured as indefinite and will remain open until fully subscribed. This is the first offering initiated by the company under regulation D of the Securities Act of 1933.

LightSail develops and markets an adaptive, tablet-based literacy platform designed to provide teachers with the tools to boost students’ interest, passion and proficiency in reading. It features an interactive e-reader, embedded assessments, real-time data. Backers include Serious Change.

Ryan Alexander (President) leads the New York NY based company which was registered in 2012. LightSail elected to keep its revenues undisclosed.
The executive team includes Gideon Stein.

Offering recap
Status: Intermediary close
Company: LightSail
Industry: Other Technology
Amount offered: $10.24 million
Amount placed: $8.69 million
First sale: 11-01-2013
Data as of: 10-30-2014

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