Change: offered -20% / raised +142% / placed 100%
With the demise of Mt. Gox, it is interesting to see some activity in the bitcoin* trading platform arena. Also this substantial financing was not reported by traditional media, and the subsequent amendment make it even more interesting as it shows there’s still money flowing into bitcoin-based trading platforms. Bitreserve‘s private placement of unregistered equity was lowered by 20% to $4 million. The company reported in its last filing, a couple of months ago, a $5 million placement. The offer closed after the company raised $2.35 million from nine additional investors within a couple of months. At closing, a total of seventeen investors had subscribed to Bitreserve’s offering. The offering’s expected net proceeds amount to $3.68 million, excluding $325,000 earmarked for the payment of officers’ salaries. This was the first offering under regulation D filed by Bitreserve.
Since the company is a foreign entity, the amount offered reported to the SEC represents the portion of the placement allocated to US investors.
The stealth company is developing a bitcoin-based exchange platform according to information disclosed with its trademark registration. It seems the goal of the platform, is to offer a low volatility trading environment.
Timothy Parsa (CEO) leads the San Francisco CA based company which was registered in 2013 in the Cayman Islands. Bitreserve elected to keep its revenues undisclosed.
The executive team includes Juan Pablo Thieriot
The board of directors includes Halsey McClean Minor and Laura Childress.
Amount offered: $4 million
Amount placed: $4 million
First sale: 02-12-2014
Data as of: 05-07-2014
*The financing is outside Random Research sweet spot however it is worth reporting bitcoin related services financing with all the challenges the virtual currency has been facing lately.
Priceless, Inc. successfully completed its $500,000 equity offering which started this month. The non-brokered private placement was subscribed by two investors. This is the first time Priceless is raising money on the private placement market.
The stealthy nature of the company prevents us from knowing exactly what it will offer. However, knowing it was founded by mathematicians Jean-Baptiste Michel and Erez Aiden Lieberman allows us to ascertain it is related to culturomics, i.e. the application of massive scale data collection and analysis to the study of human culture and trends. The duo is behind the computational tool that inspired Google Labs’ NGram Viewer. NGram pulls from a database of 500 billion words and ideas coming from 5 million books spanning many centuries.
Jean-Baptiste Michel (President) leads the Brooklyn NY based company which was registered in 2011. Priceless, Inc. elected not to disclose its revenues.
The executive team includes Jean-Baptiste Michel, Alexandre Carel and Erez Aiden Lieberman.
Status: Completed/Final close
Industry: Other Technology
Amount offered: $500,000
Amount placed: $500,000
Altiostar Networks, Inc. successfully closed its $50 million offering which was initiated this month. A single investor, believed to be Cisco, subscribed to the non-brokered placement. The company raised an estimated $20 million via two private placements since its foundation.
The stealth company develops solutions for the mobile broadband industry to enhance communications experience and reduce the cost of technology.
Altiostar is led by networking serial entrepreuneur Ashraf M. Dahod who was behind Applitek, Sigma Networks Systems, NetCor Systems and Starent Networks. NetCore, founded in 1996 and backed by an impressive roster of venture capital firms, was sold within three years to Tellabs for $575 million in stock. Starent Networks, founded in 2000, was sold for $2.9 billion in cash to Cisco in 2009. The company, headquartered in Tewksbury MA, was registered in 2011. Altiostar Networks elected not to disclose its revenues. The board of directors includes Kwabena D. Akufo, Paul Milbury, Kelly Ahuja (Cisco) and Yoav Samet (Cisco).
Status: Completed/Final close
Company: Altiostar Networks, Inc.
Amount offered: $50,000,000
Amount placed: $50,000,000
EaglEyeMed, Inc. successfully placed 60% of its expected $1,000,000 offering with three investors. This is the first known offering initiated by the company on the US private placement market.
While the company does not disclose what it is working on, it will be launching a platform to improve healthcare delivery by leveraging video and imaging technology.
EaglEyeMed, Inc., headquartered in San Jose CA, was founded in 2011 by Ravi Amble (President and CEO).
Five Delta, Inc., a stealth mode company raised $300,000 from five investors in a non-brokered equity private placement. While no details related to the product are available, it is blending analytics and quantitative marketing.
The company is headquartered in Santa Monica CA. It was founded in September 2012 by Dustin Suchter (CEO) and Brock Pierce. Frederick “Fred” Krueger (Chairman) and Jim Willenborg sit on the board of directors.
Fanergies LLC lead by Bernhard Schuler, raised $100,000 via a direct debt offering. The company was solicited to volunteer information on its product and did not send any at this time. It can only be assumed for now that the stealth company is working on a way to cut energy bills hence reduce carbon dioxide emissions and therefore increase energy efficiency. Its moto “Power your world with the energy you waste”. The company, founded in 2013, is headquartered in Austin, TX.
Sportwater Beverages LLC founded in March 2013 and lead by Peter DiMartino and Albert Lian, raised $650,000 in equity out of a $700,000 offering. No placement agent was retained as part of the offering. It seems the company could be developing a few products related to the beverage industry. Based on a patent filed with the US Patent and Trademark Office (USPTO) which includes as inventor Albert Lian and is related to: “a mountable dispenser. More particularly, the invention relates to a can or bottle gravity-feed dispenser mountable on a surface, such as a refrigerator door”, the company might be developing beverage shelves/feeders or merchandisers. Theory further re-enforced by Lian’s connection with NYSCO Products LLC. Otherwise the pair might be simply developing a beverage as a defunct/abandoned trademark registered by Lian suggests: “Sport Water 360” which good and services description includes: Bottled drinking water; Flavored waters; Sports drinks; Sports drinks containing electrolytes. Time will tell.