RESEARCH TRIANGLE PARK – Data443 Risk Mitigation, Inc. has brought in $750,000 in new capital, paying $48,000 in commissions to land the deal.
In an securities filing, the company disclosed the funding, a combination of debt and an option, warrant, or other right to acquire another security, was provided by a single investor.
A spokesperson for the company told WRAL TechWire that the investor “preferred not to have their name disclosed” and added that the proceeds from the deal will be used “for general corporate purposes.”
That includes recruiting additional workers, the spokesperson noted. Those workers could eventually be based at the Horseshoe at Hub RTP, as Data443 signed on as the first tenant at the planned development in Research Triangle Park in early November.
Uplisting in 2023
Capital from the deal will also include paying for costs that are associated with a “future up list to a national exchange.”
The company currently trades under the ticker symbol ATDS but is not listed on the Nasdaq or New York Stock Exchange.
In November, the company disclosed in a statement that expenses had increased by 48% compared to a year ago, which the company said included “specific one-time costs in relation to our planned Nasdaq Capital Markets uplist, additional financing activities and related functions, and an increase in other professional service fees.”
Still, the company is optimistic about the future. A statement from a spokesperson noted that the firm anticipates “ending 2022 on a high note as we continue to work and deliver on renewals and net new opportunities with customers.”
So far, the company is reporting a renewal rate of 99%, the spokesperson said. “Our anticipated up list to a national exchange in 2023 will allow us the opportunity to scale our operations.”
In late November, the company announced it had secured a $350,000 contract addition to an “existing agreement with a leading global investment bank.”
“Our results for the third quarter came in largely as expected, and we continue to see high revenue customer retention amidst extremely challenging economic conditions,” said Jason Remillard, the company’s founder and CEO in a statement.