BlastPoint Inc. has added new investors through an oversubscribed seed funding round that closed at $750,000, 50% above the originally planned goal.
Based in East Liberty, the 5-year-old artificial intelligence analytics firm plans to use the money to grow its sales and development team and to reach additional markets.
BlastPoint opted for a convertible note, which is short-term debt financing or loans from investors. Typically, the debt converts into shares of preferred stock upon the closing of a Series A financing round.
The new investors include Bruce Gebhardt, New York-based co-founder of Pathfinder Capital Advisors LLC; M7 Management LLC; Alicia McGinnis of Pittsburgh-based Audrey's Kitchen and 99 Tartans LLC, BlastPoint said in a release. The last is an angel syndicate of Carnegie Mellon University alumni.
“We are excited to welcome several new investors to BlastPoint as we continue our growth trajectory,” Alison Alvarez, BlastPoint founder and CEO, said in a prepared statement. “(They) have a wealth of knowledge and experience we can tap into and we are looking forward to their long-term partnership. We are also excited to become part of the 99 Tartans family, which has been so instrumental in supporting CMU alumni in Pittsburgh and beyond.”
