Severe weather detector startup raises $3.1 million
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Pineville, N.C. — A Pineville, N.C.-based company raised $3.1 million in debt, options and private stock, according to a Securities and Exchange Commission filing.
White Stagg filed the Form D on April 18 and said it raised the money from 34 investors. It did not disclose what it intended to do with the proceeds.
The company operates as Halo Smart Labs.
It is owned and operated by Bradley Stagg and Chad White. It was founded in 2013 and produces Halo, a sensor technology that detects smoke and protects from carbon monoxide poisoning.
Its most recent product, Halo+, can detect weather and disaster alerts, including tornadoes, hurricanes and floods. The idea for the company began when Stagg’s father had a close call when a tornado in Joplin, Missouri, took the lives of 160 people in 2011.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D with the SEC after they first sell their securities.
Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
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