ANN ARBOR ? Security imagery and data analytics tools maker Pixel Velocity announced it has raised about $10 million through a preferred stock sale ? but the company declined to provide any details about the investors.
The only detail released is Daroth Capital Advisors LLC of New York City acted as financial adviser and placement agent to sell the stock.
CEO Matthew Van Haaren said the funding round ?not only brings us the capital needed to pursue our business plan, but has also added valuable new skills and perspectives to our board of directors. We are excited about the future of Pixel and the opportunities that this new capital has opened up for us.?
Pixel Velocity, in a press release, said it will use the money to fund growth and operations, expand working capital and for other corporate purposes.
