iScribes, a private Durham-based medical technology startup has filed to raise just over $1 million in equity, according to a securities filing.
The company filed a Form D on Oct. 13 and said it has already raised more than $700,000 of the offering. The company said the proceeds will be used for working capital, which may include normal compensation to executive officers.
Back in December, the startup raised $325,000 with a target of $500,000. According to the SEC filing, the funding is debt.
iScribes, which describes itself as a “virtual scribing service” for physicians, raised $360,000 in equity in December 2014.
The company touts its offering this way:
“Our HIPAA compliant technology solution seamlessly integrates a remote scribe into the physician’s workflow.
“A physician with iScribes technology treats a patient, and the encounter is streamed to a secure server.
“A highly trained medical scribe accesses the encounter and completes the documentation directly in the provider’s electronic medical record.
“The physician reviews and approves the documentation at his convenience.”
Jared Pelo, co-founder and chief executive officer at iScribes, is an emergency medicine physician with Centra Health and is a founding venture partner at NextGen Venture Partners in Raleigh, North Carolina.
Pelo received his undergraduate degree from the University of Virginia and his MD from the University of Utah School of Medicine. He was also the emergency medicine resident and chief resident in the Emergency Medicine Residency Program at the University of Virginia School of Medicine.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must first file what’s known as a Form D electronically with the SEC after they first sell their securities.
Note: The North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism, contributed to this report.
