Cloud-based IT services startup 6fusion has raised $500,000 from investors and is looking for more in an offering that consists of stock, options and other securities, according to a filing with the Securities and Exchange Commission.
6fusion USA moved to Raleigh in 2010 on the heels of a $3 million funding round from Durham’s Intersouth Partners. The company raised $7 million in 2011 in a round led by Virginia-based Grotech Ventures, with Intersouth participating.
Reports say the company has raised more than $40 million in venture backing so far, including $6.6 million earlier this year. 6fusion used that money to acquire a Chicago-based MarkITx, an IT marketplace.
The company’s technology focuses on an algorithm designed to help customers manage the metering, consumption and billing of IT services such as in “cloud computing.”
- VIDEO: Watch an explanatory video about its service at: https://www.youtube.com/watch?v=KTww7jkYxm8
6fusion Inc. filed a Form D with the SEC on Sept. 19 and did not disclose exactly what it intends to do with the proceeds, noting the offering is not being made “in connection with a business combination transaction, such as a merger, acquisition or exchange offer.” Further, no executives will be paid with the proceeds, the company said.
The filing listed a total offering amount of $1 million, with $500,000 remaining to be sold.
The company was founded in 2010 by John Cowan and Delano Seymour, and current CEO Cowan’s signature was on the Form D.
Companies similar to 6fusion, which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.
Note: This story includes reporting from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
