A Raleigh-based company developing a device to mix and dispense botanical oils has raised $175,000 in a debt and option raise, according to a filing Tuesday with the Securities and Exchange Commission.
Altopa Inc. raised the money from nine investors, and is seeking to raise an additional $825,000, according to the filing.
Altopa has developed a countertop delivery device for mixing and dispensing botanical oils to create customized botanical oil blends for on-demand, single-use consumption. Oblend allows its users to develop their own shampoos, vitamins and perfumes.
It’s targeting chronic pain patients, health-conscious consumers and doctors seeking alternative treatments.
The company was founded in 2016. According to the Oblend website, the device will launch in Spring 2018.
One of its co-founders is Nicole Wicker, who was chief financial officer of TearScience Inc. in Morrisville from 2008 to 2014.
She helped the company raise over $125 million through a variety of funding vehicles, including an equity round, royalty funding and venture debt.
Private companies similar to Altopa, which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.