RESEARCH TRIANGLE PARK – Data443 Risk Mitigation has closed an additional $300,000 in funding, according to a recent securities filing.
The company had raised $750,000 from a single investor in December 2022.
And the latest round of funding comes from a single investor, too, according to the latest filing.
In December, a spokesperson for the company told WRAL TechWire that the firm’s initial investor “preferred not to have their name disclosed” and said that the raised funds will be used “for general corporate purposes.”
But part of the funds will be used to pay sales commissions, too.
For both funding rounds, the company used the services of Dawson James Securities, Inc., a Florida-based company that assisted the firm in raising capital, according to the filings.
As payment for those services, Data443 will pay a total of $68,000 in commissions on the $1,050,000 raised, according to the filings.
Data443 will soon occupy office space at the Hub RTP development, as the company became the first announced tenant of the planned campus.
The company spokesperson told WRAL TechWire in December that the funding from the December capital raise would also be used to pay for the 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 tothe prior year. In that statement, the company said such expenses 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.”
So far, the company is reporting a renewal rate of 99%, the spokesperson told WRAL TechWire in December. “Our anticipated up list to a national exchange in 2023 will allow us the opportunity to scale our operations.”
Also in November 2022, the company announced it had secured a $350,000 contract addition to an “existing agreement with a leading global investment bank.”