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Local Startup Raises $835,000 Toward $1.4M Goal

By Chris Roush, posted Jul 26, 2018
Concussion management company SportGait Inc., based in Wilmington, has raised $835,000 in a private equity offering, according to a filing Wednesday with the Securities and Exchange Commission.

The Wilmington-based company raised the money from 17 investors. It had initially raised $205,000 in November 2017.

SportGait is looking to raise an additional $360,000 to meet its goal of $1.4 million. The filing did not disclose what the money would be directly used for.

The company, which is an entity of LifeGait, uses its concussion management platform to provide tools and resources to identify, track and monitor concussion-related symptoms.

SportGait’s concussion management system includes three products — biokinetographs, a sideline coaches app and a parent/athlete app.

Through SportGait’s applications, coaches and parents can determine whether an athlete’s head injuries warrant a visit to the doctor or emergency room.

The company, which was incorporated in 2015, is located in the University of North Carolina Wilmington Center for Innovation and Entrepreneurship.

The company is led by Chief Executive Officer Christopher Newton. According to Newton, the company is a “full concussion management system that can be used by everybody,” with the intent to “preserve the game while making it safer.”

In June, SportGait announced a new strategic partnership with and an equity investment by Multi-Health Systems Inc. to provide medical decision support software for concussion and brain wellness.

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 the UNC-Chapel Hill School of Media and Journalism.
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