ProctorFree Raises $675,000


By Samantha Schisler, NC Biz News

ProctorFree Inc., an online, on-demand proctoring service, has raised $675,000 in equity, according to a Securities and Exchange Commission filing on Thursday.

The $675,000 was raised by eight investors with the date of the first sale at the beginning of January. The offering has $250,000 remaining to be sold for a total of $925,000. The filing did not disclose what the company plans to do with the money.

The Huntersville, North Carolina-based company, founded in 2012, focuses on providing a convenient and affordable alternative to taking exams in a classroom or testing center.

ProctorFree targets higher education and business markets to provide technology solutions in the form of automated exam proctoring. Additionally, the company hopes its platform will be used for verifying student identities and human resources hiring.

In 2015, the company appointed Brad Davis as its CEO. Davis brought more than 25 years of relevant industry experience having previously served as former president and CEO of DukeNet Communications LLC.

In 2017, the company raised almost $2 million in equity from 17 investors but did not disclose how it planned to use the money.

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.

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