Two recent Duke graduates filed to raise $1.5 million in options for their sports technology company BioMetrix Co., according to Securities and Exchange Commission filing.
The company has raised $350,000. The amount is $1,150,000 less than the total offering.
Former NCAA athletes Ivonna Dumanyan (Class of 2016) and Gabrielle Levac (Class of 2014) founded BioMetrix in early summer of 2014. The wearable device company seeks to improve the training of elite level athletes everywhere by producing light, flexible, and specialized sensors for training athletes.
Dumanyan was a rower at Duke, while Levac was a distance runner.
The company’s goal is to alert an athlete of major deviations in form that often lead to injury with a water-resistant device that is the size of a Band-Aid.
BioMetrix moved toward formal launch earlier this year with an Indiegogo fund=raising campaign, as reported at WRAL TechWire in March. Its first sensor is known as the BioMX.
“A disruptive technology in both the worlds of orthotics and wearables, our product is a dynamic (as opposed to a rigid) orthotic that uses embedded sensor technology to give feedback about pronation, arch collapse, and much more,” its founders say.
“The product mimics the natural, biological structures of the foot to provide support that moves with the user in any setting. It can then report your risk indicators, track your improvement, and train you away from bad habits.”
Here is how they describe BioMX:
- BioMX is a tool for medical professionals, experienced coaches and athletes with chronic injury or recovering from an injury
- BioMX empowers users with unprecedented, feedback on changes in biomechanical indicators during rehab and PT routines
- BioMX tracks performance and informs an athlete’s progression through prevention and rehabilitation training
- BioMX is a highly customizable, visual way to quantify and improve your rehab as easily as you quantify performance
BioMetrix claimed a Rule 506 (b) exemption. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically 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 with additional material provided by WRAL TechWire.