Form D Friday is an Atlanta Inno feature highlighting regulatory filings and tips about Atlanta companies raising capital. Form D reports are a type of U.S. Securities and Exchange Commission form used to file a notice of exempt offerings of securities. The SEC requires companies file the notice within 15 days after the first sale of securities in the offering. These forms don’t include a lot of details but can provide clues as to what investors and business owners are planning. If you have any tips or comments about new Atlanta fundraises, email Zach Armstrong at zarmstrong@bizjournals.com.
Between Oct. 1 and Oct. 7, Atlanta startups got at least $14 million across four capital raises, according to reporting from Atlanta Inno and filings with the U.S. Securities and Exchange Commission.
The largest raise was a $9 million investment to medical device company BioCircuit Technologies. In July, the company received clearance from the U.S. Food and Drug Administration for its nerve repair device, Nerve Tape. Last year, the company received a $1.7 million grant from the National Institute of Health to develop a rehabilitation system for spinal cord injuries and other disorders.
Here’s the venture capital investments you might’ve missed in the past week:
- BioCircuit Technologies' got funding from Michael Masters of Atlanta-based Masters Capital Management LLC, Atlanta-based GRA Venture Fund LLC and Massachusetts-based Alsora Capital LLC, along with existing shareholders. The recent investment brings funding for the company to at least $20.5 million. Originally a subsidiary of biotechnology company Axion Biosystems, BioCircuit launched as an independent company in 2019.
- Multiscale Technologies Inc., an artificial intelligence startup focused on sustainable building, has raised more than half of a $9.5 million round, according to a filing with the SEC. It is the company's largest investment yet, bringing its total funding to at least $6.2 million. There were seven investors participating in the round who were not identified. Andrew Byrnes, semiconductor manufacturer Micron Technology Inc.’s lead investor for its AI fund, was named in Multiscale’s latest SEC filing.
- Magical I Am Inc., a developer of a game-based app that helps dyslexic children's learning ability, has raised an additional $78,000 as it tries to raise $2.5 million, according to a filing with the SEC. The company has been raising additional capital for the round throughout the year. It raised $112,000 in June and $17,500 in July, according to filings. Bill Allen, former president of a coaching program called the Learning to Read Program, is the company’s founder and CEO, according to his LinkedIn.
- BitRail Inc. raised an additional $50,000 just over a week after raising $250,000, according to an SEC filing. The company develops and manages brand-owned digital currencies for businesses, according to its website. CEO Jeff Siegel is also the CEO of Kennesaw-based Avid Outdoorsman Media Group and Media Lodge, according to his LinkedIn. BitRail’s office is located close to Truist Park, at 800 Battery Ave., according to its website.
