RALEIGH — IdeaBlock, a Raleigh-based company that helps people protect their intellectual ideas, raised $500,100 in debt and equity according to a Securities and Exchange Commission filing.
IdeaBlock filed the Form D on Sept. 21. It did not disclose what it intended to do with the proceeds.
IdeaBlock specializes in providing blockchain-powered intellectual property protection to clients. Blockchain technology allows more accessibility to patent rights than the traditional record keeping way, which is beneficial for companies to leverage assets to drive revenue.
The company was founded earlier this year by Eli Sheets. He received a law degree from the University of New Hampshire in 2011 and practiced as an intellectual property attorney. He previously attended Massachusetts Institute of Technology and University of Wisconsin-Madison, where he received degrees in computer and electrical engineering.
According to his LinkedIn profile, Sheets has written more than 300 patent applications for inventions in the wireless communications field alone and has prosecuted even more.
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.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism