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Wilmington Tech Firm Raises $3.4M

By Staff Reports, posted Aug 14, 2017
A Wilmington-based science technology company has raised $3.4 million in a private equity offering, according to a filing Friday with the Securities and Exchange Commission.

Lapetus Solutions Inc. raised the money from four investors, according to the filing. It earlier raised $1.2 million in April 2015.

The company has developed software such as detection of gender, face age, BMI and smoking as well as age progression software for companies such as life insurers.

For example, its software can tell if an applicant for life insurance is a smoker by the lines on their face, based on their age.

The company’s name comes from Lapetus, who was was the Greek god of mortality. Its first platform, Chronos, is named after his brother, the Greek god of time.

Jay Olshansky is a co-founder of the company and its chief science officer.

Olshansky was formally trained as a demographer with additional background in the biological sciences. He has served as an adviser to numerous companies and countries on their mortality forecasting methods and assumptions.

He helped create field of biodemography, which is a merging of the biological/demographic/actuarial sciences for the purpose of explaining why people live as long as they do.

Olshansky is a professor in the School of Public Health at the University of Illinois at Chicago, Research Associate at the Center on Aging at the University of Chicago and at the London School of Hygiene and Tropical Medicine.

His co-founder is Karl Ricanek, a professor of computer science at the University of North Carolina Wilmington, where he founded the world renowned Face Aging Group Research Lab.

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.

This story is from the North Carolina Business News Wire, a service of UNC Chapel Hill’s School of Media and Journalism.
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