NM tech firm raises $4.5M in private equity [Albuquerque Journal, N.M.]
Dec. 14 ALBUQUERQUE, N.M. UbiQD Inc. raised $4.5 million in fresh private equity this month to help the company boost sales of its first product and advance new technology development.
New York-based Scout Ventures and California-based Keiretsu Forum led this latest round of investment with participation by at least four other venture firms, including Santa Fe-based Sun Mountain Capital, which manages the State Investment Council’s private equity commitments to local startups.
The total collective investment was actually $7 million, but that includes $2.5 million in “convertible notes” previously awarded by investors and now converted from debt to equity in the new round. With the $4.5 million in “new money,” UbiQD has now raised a total of $11 million in private equity and grant funding since launching in 2014, said founder and CEO Hunter McDaniel.