Ember Fund intends to raise up to $ 1 million through SEC registered sale of shares

The Ember Fund, which has developed an application for managing the cryptocurrency portfolio based on artificial intelligence, plans to raise up to $ 1 million through the sale of shares registered with the SEC.

According to the application filed with the SEC, the sale of Crowd SAFE securities will take place before the end of January 2020 on the online investment platform of the Republican startup. SAFE (a simple agreement on future capital) is an investment agreement giving shareholders the right to equity in the event that the Ember Fund is acquired or converted from a private company into a public company.

Ember Fund CEO Alex Wang wants him and his founding partners Guillaume Torche and Mario Lazaro to retain control of the company. Ember Fund plans to raise between $ 25,000 and $ 1,070,000 through a SEC-registered sale of securities, with a minimum investment amount of $ 100.

“In general, we want to raise as little money as possible. Many companies enter the market and collect a lot of money without a business model. We chose a different path: let’s create a business model and then expand it, ”Wang said.

The transcript of the commercial attached to the application states that the Ember Fund will use the capital received for expansion. According to the company’s technical director Guillaume Torsch, Ember Fund “has already processed about $ 10 million on the platform without any marketing budget and is ready to scale.”

Earlier, the SEC has repeatedly accused companies of unregistered sale of tokens or shares. Recently, the U.S. Securities and Exchange Commission struck an unexpected blow to the upcoming TON blockchain, accusing Telegram of unregistered sale of tokens a year and a half after the ICO.