Rachio files for first close after selling 74%

rachioA first close of $2.49 million was initiated by Rachio on its $3.38 million equity offering. So far twenty-seven investors committed to the non-brokered placement which started today. Based on the offering’s structure, the company has until October 2015 to raise an extra $895,000. Two previous unregistered financing rounds raised an estimated $1.2 million.

Rachio markets and develops a smart sprinkler controller for yards. The device, once linked to WiFi, will automatically adjust for changes in weather and seasonality, using weather intelligence and analytics. The controller can be manually controlled via smartphones. The application is available for iOS and Android. The device retails for $249. The company is a winner of the Colorado Innovation Challenge and APEX Challenge.

Christopher Klein (President and CEO) leads the Denver CO based company which was registered in 2013. Rachio elected to keep its revenues undisclosed.
The executive team includes Franz Garsombke and Gary Stone.
The board of directors includes Jordan Mendell.

The company has raised an estimated total of $3.69 million via private unregistered security offerings.

Offering recap
Status: First close
Company: Rachio
Industry: Other Technology
Amount offered: $3.38 million
Amount placed: $2.49 million
First sale: 10-31-2014
Data as of: 10-31-2014

For more information visit www.XDATA.co


One comment

  1. Pingback: The sprinkler IoT battle is on | Random Research

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