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.
Raleigh-based Reason to Believe raises $15.3 million
By Taylor Street
A manufacturer of innovative solutions for hair, skin and nail treatments has raised $15.3 million in a private equity offering, according to a filing Tuesday with the Securities and Exchange Commission.
Reason to Believe LLC obtained the money from 50 investors, according to the filing.
This biotech manufacturing company currently has $749,999 remaining to receive of the total $16.08 million in funds it is raising.
The company raised the money in the forms of debt, equity and stock options. The company is based in Raleigh with a manufacturing plant in Winston-Salem, North Carolina.
It has developed keratin to aid in the health of hair, skin and nails. Its products are sold under the Virtue brand.
Reason to Believe was the first tenant in an 8,000-square-foot space in Whitaker Park, located in Winston-Salem, in 2016.
The company, whose previous name was Keratin Cosmetic Sciences LLC, expects to grow from eight employees to over 50 employees in the next five years at its Whitaker Park location.
Melisse Shaban is the founder and chief executive officer of Reason to Believe. She has 25 years of experience in hair and skin care, including stints in management at Aveda and The Body Shop.
In January 2006, she formed Chrysallis LLC, a strategic management team dedicated to nurturing and developing niche retail brands.
She has overseen investments in companies including StriVectin, the largest independent prestige anti-aging skin care brand in America; Frédéric Fekkai, a leading prestige hair care and salon brand; and Niadyne Inc., a company dedicated to the discovery and development of topical products for the treatment and prevention of sun damage to the skin.
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.
Artificial intelligence company Digitize.AI raises $525,000
By Meghan Siegmund
Charlotte-based artificial intelligence company Digitize.AI Inc. has raised $525,000 in a private equity offering, according to a filing Tuesday with the Securities and Exchange Commission.
The company is hoping to raise $275,000, for a total of $800,000 from investors.
The money raised was not connected to a business combination transaction, such as a merger, acquisition, or exchange offer.
Founded in 2017, the small, privately held company is led by Chief Executive Officer Justin Adams.
Digitize.AI is a start-up using artificial intelligence, machine learning and robotic process automation technology to help companies digitize processes and create digital workforces.
The company takes robotic process automation and artificial intelligence to deliver a higher return on investment. It then uses the digitized processes to access data, which can then be used to improve business functions and train machines to optimally work with companies.
Prior to forming Digitize.AI, Adams helped transform organizations using technology and innovation, working with Fortune 500 companies and the United States intelligence community.
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 digital marketer Adwerx raises $4.4 million
By Emily Brice
Adwerx, a digital marketing company primarily for the real estate market, sold $4.4 million in shares in a private stock offering, according to a Securities and Exchange Commission filing on Tuesday.AdWerx logo
The company filed the form D on Aug. 29. It did not disclose what it intended to do with the proceeds.
Adwerx began in 2013 and allows real estate professionals to advertise new listings, generate demand for older listings and build their online brand. It has over 40,000 real estate customers across all 50 states and Canada.
It has since expanded its digital advertising offerings to include dental practices, law offices, restaurants, salons and spa, among other businesses.
The company is led by Chief Executive Officer Jed Carlson, a Duke MBA graduate. He previously worked at American Spirit Graphics and ReverbNation.com.
Adwerx was spun out of ReverbNation, a champion for independent musicians co-founded in 2006 by Carlson, in January 2015.
Its Adwerx Quick Adder software was nominated for an Inman Innovation Award earlier this year.
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.
The form can be found here.
