RALEIGH — Raleigh-based SEAL Innovation Inc. has raised $1.8 million in an equity offering, according to a Securities and Exchange Commission filing.
The $1.8 million was raised by 15 investors with the date of the first sale at the beginning of October. The filing did not disclose what the company plans to do with the money.
SEAL Innovation provides swim monitor and drowning devices for swim facilities and families. The device consists of a band for the swimmer to wear around their neck and a hub with alarms and flashing lights.
The hub detects if someone takes an unexpected dip or stays under the surface for a set amount of time while wearing the band. The band has four different swim levels programmed into it ranging from “non-swimmer” to “up to 45 seconds of submersion.”
The company offers SEAL Swim Safe to families for their personal pools but also to facilities such as YMCA, cruise lines or water parks. The monitor system ranges from $300 to $500 for personal usage. Facilities enter into a two-year contract that starts as low as $119.40 per month.
CEO Graham Snyder invented the SEAL SwimSafe and co-founded SEAL Innovation to commercialize it in direct response to tragedies witnessed while treating both adult and pediatric victims of drowning.
The company also raised $660,000 in January 2017.
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.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism