May 18, 2018

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Durham-based startup Additive Device looks to raise $1.5M (+ video)


[Originally posted by WRAL Tech Wire— March 15, 2018]

 

DURHAM — A Durham-based company called Additive Device Inc. has raised $385,000 in a private equity offering, according to a filing with the Securities and Exchange Commission.

 

The company said in the filing that it plans to raise a total of $1.5 million but that the exact amount depends on investor interest. The current raise came from 10 investors.

Additive Device was founded in 2017 and raised $650,000 last year, according to an earlier SEC filing.

While the company does not have a web site and little other information is available online, the use of “additive manufacturing techniques” to make medical devices is growing rapidly.

The terms “additive manufacturing” and “rapid prototyping” are often used interchangeably, but additive manufacturing specifically refers to production methods that build up a part by adding layers of material. It lowers costs and speeds up development.

The chief executive officer of the company is Andrew Miller.

Kurt Jacobus, the CEO of Medshape Inc., is listed as a director of Additive Device. The Atlanta-based company is a manufacturer of orthopaedic foot and ankle devices using shape changing metal and polymer technologies.

Also listed as a director of Additive Device is Ken Gall, who is a professor and chairman of mechanical engineering and materials science at Duke University

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.