WILMINGTON — CloudWyze, a Wilmington-based technology and internet services company, has raised $650,000 in equity, according to a securities filing on Friday.
Nine investors contributed to the round, which is capped at $2 million with $1.35 million remaining to be sold.
The filing did not disclose how the company intends to use the funds.
CloudWyze offers communications and technology services, cloud-based solutions, 24×7 support, phone and quality internet service.
In 2018, it scored its first government contract with the goal of expanding the company’s market reach in the state and delivering wireless internet service to rural regions, according to a report in the Wilmington Business Journal.
The $2 million contract was approved by Nash County at the county’s board of commissioners.
The first part of the project is called the Broadband Pilot Program, which has the goal of establishing 20 users in the northwest and southwest region of the county by Feb. 1, Olsen said.
“We have taken the entire program and have sectioned off somewhat of a preliminary phase to build out an initial presence in that community,” its founder and CEO Shaun Olsen was quoted as saying.
The county agreed to fund $315,000 for the pilot program.
