Serial entrepreneur Kevin Williams of Kansas City developed a new power storage product called Wise Power and has a crowdfunding campaign to help bring it to market.
Williams founded Kansas City-based cybersecurity company Wilco Technologies. It was providing workforce credential services to more than 1.5 million registered users throughout the U.S. Department of Defense by 2017, when he decided to sell it.
Williams used the money to help develop a revolutionary new power storage unit and controller system that uses Internet of Things technology to communicate with all the electronic devices in your home. Now he has prototypes built and seeks to raise $1.07 million to hone them in preparation for mass production. He has field testing scheduled in August and hopes to go to market by the fourth quarter.
The crowdfunding campaign was launched on a regulated site called StartEngine, which was founded by Howard Marks, a video game programmer famous for bringing “Guitar Hero” and “Call of Duty” to market.
“I received an email from Howard’s group, which had seen some information about Wise Power and what we were doing,” Williams said. “They said I should really consider using their platform to raise capital.”
Williams has two patents for his products, with a plan to disrupt a market estimated to be worth $11 billion.
The Wise Power crowdfunding campaign offers convertible notes, which allow the holder to convert them into company stock once Wise Power raises at least $3 million in qualified equity financing during its next equity round. There is a minimum investment of $100. All investors gain preferred customer status for a period of one year.
“One of the reasons we’re using StartEngine is so the masses can invest for as little as $100,” Williams said. “We want to use distributors so others can share in this as well. We designed this specifically to be shared with the masses.”
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