Machfu Inc., a technology solutions company based in Germantown, filed to raise an added $1 million in private equity and extend the life of its 2016 offering.
The company has raised $425,000 since February of last year, when it initially reported raising $125,000, one quarter of its total offering amount at the time, according to a Thursday filing. The amended offering amount is $1.5 million.
Because the initial private security offering was filed 11 months ago, Machfu now expects the offering to extend beyond its previously anticipated one-year deadline next month.
The internet of things is the company’s business, according to its website. Its platform aims to imitate the virtual structures of traditional desktop and smartphone operating systems, then apply their principles to the industrial network of machines and devices companies are recently realizing can be connected to produce data for company solutions.
Machfu, incorporated in 2015, reported as much as $1 million in revenue. But for 15 years, working for other companies, the team has been together. In that time, it has claimed 30 patents, according to the company website.
Chief Executive Prakash Chakravarthi previously founded several business, including Eka Systems for which he and Machfu’s chief technology officer jointly hold a patent for a unique network system, according to the U.S. Patent and Trademark Office. Prior to Eka, he worked for Bethesda-based Comsat Inc., a phone, data and communications provider.
Tim Winters, Machfu’s chief of techonology, has filed at least two patents with Cooper Industries (formerly Cooper Technologies Co.), a nearly 200-year-old electrical equipment company recently acquired by Eaton Corp. and based in Houston, Texas.
Among the company’s investors is iVedix, a business intelligence company based in New York also focused on the internet of things.
The company claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 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.
