A Clearwater technology company that launched from stealth mode this year has closed a $10 million Series A.
New York-based Mendon Venture Partners led the funding for Equitus Corp. and brought Equitus' total funding to roughly $20 million, according to CEO and founder Rob Guidry.
The company was founded in 2008 as a private consulting firm and, in 2015, morphed into an intelligence firm. Guidry said the last eight years had been spent in the research and development phase, with 2023 marking the launch of its technology. It has a focus on the defense sector but is industry agnostic. It offers a development platform that connects disparate data. It has four branches — a national security group, a corporation, a fintech arm, and an international arm.
"We were purposefully under the radar until January of this year," Guidry said. "We’re doing a lot more this year ... This year is different. Our tech is ready and we’re in the go-to-market phase."
The company has roughly 100 employees and expects to add 30 more people by the end of the year. Guidry said 2024 however, will be a "year of growth" and expects to double its employee count to 260 people.
"A lot of the opportunities we’re beginning to book now; we're already negotiating revenue for 2024," Guidry said. "We're in some very big talks right now."
The company has multiple spaces in Clearwater, first opening at 800 Court Street. However, Guidry said the company is quickly outgrowing its spaces and will be looking for a larger office in the near future.
He also has his eyes on closing a Series B round by the end of the year or going public through a special purpose acquisition company, better known as a SPAC deal.
"I know [SPACs are] not popular, but we’ve had them reach out," he said. "To me, it's about what it does to the fundamentals of the company, not the stock price. If the fundamentals are strong, and you see exponential growth in revenue and are profitable, whatever the stock is – it’ll adjust to the right price."
