Each week, we’ll round up startup news from the UNC journalism students behind North Carolina Business News Wire. To read all of the students’ work covering public and private companies around the state, sign up for the daily newsletter.
RTP-based Vigor Medical Systems raises $80,000
By Chris Roush
A company developing a mobile respiratory health device based in the Research Triangle Park has raised $80,000 in a private debt and options offering, according to a filing Thursday with the Securities and Exchange Commission.
Vigor Medical Systems Inc. raised the money from two investors. It is seeking an additional $420,000, according to the filing.
The company said it will use the proceeds for working capital, which may include compensation to executive officers.
The company, which was founded in 2015, is a spin out from Duke University. Its device monitors lung function.
The company’s product is a wireless, mobile spirometer that connects to an app allowing improved patient, or patient-to-provider, integrated respiratory care management.
There over 450 million people who suffer from some form of chronic respiratory disease, such as asthma, COPD or Cystic Fibrosis, and many of these individuals often require lung function monitoring to help manage their condition.
Mismanagement of, or complications associated with, respiratory disease has a negative cost impact of more than $75 billion annually on the U.S. health care system, according to studies.
The company’s president is Richard Pilnik, a former Quintiles executive. He was executive vice president and president at Quintiles Commercial Solutions before he retired in June 2014.
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 electronically with the SEC after they first sell their securities.
Cloud-based banking software company nCino raises $17.8 million
By Chris Roush
A cloud-based banking software company based in Wilmington, North Carolina, has raised $17.8 million in a private equity offering, according to a filing Tuesday with the Securities and Exchange Commission.
nCino Inc. raised the money from three investors, according to the filing.
The company also raised $15.7 million in June 2016 and $29 million in February 2015.
The company was started in 2012 by bankers and entrepreneurs who found the commercial lending process to be inefficient and time-consuming.
Led by James (Chip) Mahan III, the CEO of Live Oak Bancshares Inc., this team recognized the need for secure cloud-based solution that would enable banks to increase transparency, efficiency and profitability while ensuring regulatory compliance.
The nCino Bank Operating System filled that void at Live Oak and soon attracted interest from other financial institutions.
Earlier this month, Pacific Western Bank, headquartered in Beverly Hills, California, became its 100th live customer. The company currently has more than 150 customers in multiple counties, with assets ranging from $200 million to $2 trillion.
Pierre Naudé is the chief executive officer of the company. He oversees strategy, sales, marketing, professional services, customer support and product engineering.
Under his leadership, nCino has become one of the fastest-growing financial technology companies in the U.S. and has been featured by top publications such as Forbes, Entrepreneur and American Banker.
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 electronically with the SEC after they first sell their securities.
Durham-based CivaTech Oncology raises $916,000
By Chris Roush
A Durham-based cancer treatment device company has raised $916,000 in a private equity offering, according to a filing Tuesday with the Securities and Exchange Commission.
CivaTech Oncology Inc. raised the money from nine investors, according to the filing. It is seeking to raise an additional $2 million.
The company last raised money in December 2016, when it raised $2.7 million.
The company has developed CivaSheet, a low-dose rate implantable brachytherapy device, which emits directional radiation.
The CivaSheet is implanted in a 15-minute procedure at the end of a surgical resection. The directional property makes the device active on one side only, and is entirely unique to CivaSheet.
This allows physicians to deliver aggressive radiation doses immediately adjacent to healthy, sensitive tissue.
CivaSheet received U.S. Food and Drug Administration clearance in 2014, and its development was partially funded by the National Institutes of Health and the N.C. Biotech Center.
The company’s chief executive officer is Suzanne Babcock, who co-founded Civatech Corp. in 1998. She co-Founded CivaTech Oncology in 2006.
Babcock served as the managing partner of Scannex Technologies LLC and vice president of administration of Troxler Electronics.
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 electronically with the SEC after they first sell their securities.
