A Raleigh-based company developing a device to mix and dispense botanical oils with a device called Olend that’s targeted to launch next year has raised $175,000 in a debt and option raise, according to a filing with the Securities and Exchange Commission.
Altopa raised the money from nine investors, and is seeking to raise an additional $825,000, according to the filing.
Altopa has developed a countertop delivery device for mixing and dispensing botanical oils to create customized botanical oil blends for on-demand, single-use consumption. Oblend allows its users to develop their own shampoos, vitamins and perfumes.
What is Oblend?
It’s a “smart device for connect customers,” says Altopa. Patents are pending.
“Oblend is a revolutionary countertop device that allows for precise, on-demand customization and blending of botanical oils. Oblend gives consumers the power to create personalized blends tailored to their own unique preferences, sensitivities, and symptoms. With the ability to produce custom botanical oil blends for inhalation, ingestion, and application, the Oblend provides consistency and precision to near pharmaceutical standards.”
According to the company’s website Oblend targets three types of customers:
- The Chronic Pain Patient
Customization of botanical oil is essential for medicinal relief and increased quality of life.
- The Health Conscious Consumer
Self-guided recipe experimentation helps consumers reach their optimum health.
- The Clinical Doctor
Help patients find alternatives to traditional medicine.
“Imagine being able to customize your own medicinal relief and blend to your tastes at home and on demand,” the company says.
Altopa explains how its device can change lives and what makes the forthcoming device unique:
- How Does Oblend Change Lives?
Predictable, precise, and consistent results
Personalized medicine at home
Clean and organic ingredients
Convenient and comfortable home health
An alternative to traditional pharmaceuticals such as opioids
Discover recipes that are working for others in your community
- What Makes Oblend Exciting?
High growth industry
Strength of management team
Ability to track, report, and discover new medicine
Learn more at: http://www.oblend.com/
Altopa is targeting chronic pain patients, health-conscious consumers and doctors seeking alternative treatments.
The company was founded in 2016. According to the Oblend website, the device will launch in Spring 2018.
One of its co-founders is Nicole Wicker, who was chief financial officer of TearScience Inc. in Morrisville from 2008 to 2014.
She helped the company raise over $125 million through a variety of funding vehicles, including an equity round, royalty funding and venture debt.
Private companies similar to Altopa, 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.