DURHAM — Inirv Labs Inc., a Durham-based consumer electronics company, raised $100,000 in debt, according to a Securities and Exchange Commission filing.
Inirv
Inirv filed the Form D on Feb. 21. According to the filing, the company must raise $500,000 more to sell its total offering amount. The company intends to use the proceeds as payments of salary.
Inirv is a consumer electronics company whose mission is to improve the safety and efficiency of the home. Inirv automatically shuts off the stove when unattended to help prevent burnt meals or worse, allows customers to speak to their stove to voice-activate cooking, and provides customers with an app to monitor the status of their stove anywhere.
Inirv presented its product on “Shark Tank” in 2018, but it failed to get a deal from any of the investors.
In June of 2018, Charlotte prototyping firm Enventys filed suit against Inirv, alleging it hadn’t been paid for its work. Inirv responded with a counterclaim soon after, claiming the prototypes were faulty and their failure to work cost them the Sharks’ interest.
In December 2018, the companies reached a settlement and released identical statements, clarifying that the agreement completely resolves both the lawsuit and the counterclaim.
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
