“We’re pleased to invest in TRX Systems to help further their technological innovations ...” said DBED Secretary Christian S. Johansson.
Greenbelt, MD (PRWEB) May 09, 2012
TRX Systems Inc., an award-winning developer of precise, infrastructure free, indoor tracking products, today announced investment from New Dominion Angels, the Maryland Department of Business and Economic Development, and several other investors. The Company, which makes software and products that locate, map and track people when indoors and in areas where GPS is not reliable, raised more than $650,000. TRX will use the funding to make additional investments in product development and sales.
“TRX will use this new funding to scale our business,” says Carol Politi, President and CEO of TRX Systems. “The market for indoor location is growing rapidly and this funding, complemented by our sales revenues, will allow us to increase investments in sales, marketing, and application-specific development.”
TRX Systems raised the majority of this funding from two sources. A total of $475,000 was raised from New Dominion Angels. The Warrenton, Va.-based investor group has provided capital to other early stage companies such as Phthisis Diagnostics, CityRide, and WorkProducts.
Another $150,000 was raised from Maryland's Department of Business and Economic Development (DBED) through the Maryland Venture Fund. “We’re pleased to invest in TRX Systems to help further their technological innovations and protect first responders,” said DBED Secretary Christian S. Johansson. “By investing in TRX and other promising early-stage technology companies, our Maryland Venture Fund helps cultivate a culture in which entrepreneurs can grow and thrive.”
The funding is a perfect fit for the Maryland-based TRX because DBED’s mission is to create, attract and retain jobs while promoting Maryland’s “vibrant cultural economies.” Inside investors are also participating in the round.
Interest continues to grow in TRX and its indoor location products because of the technology’s unique ability to deliver location in areas where pre-installed infrastructure is not reliable, and where infrastructure is difficult to install, says Politi.
“Wi-Fi-based indoor location technologies are increasingly common, but require precise mapping of the signals and reliable floor plans. These technologies are typically applicable only in large consumer spaces such as malls. Our sensor-fusion and mapping technologies deliver robust location estimates even without such permanent infrastructure or reliable floor plans,” says Politi. “This allows location to be delivered when you do not control the building and when building infrastructure and maps are simply not reliable.”
In addition to the new funding, TRX recently won a series of awards including the Innovator Award from the Chesapeake Regional Tech Counsel (CRTC) for the development of the TRX indoor location system. This was followed by receipt of the Tibbets Award given by the United States government for excellence in government research and development. Additionally, TRX received the Gazette Politics and Business Top 53, GBTC Hottest Tech in Town finalist, and Distilled Intelligence 2.0 finalist. TRX is an Incubator Company of the Year, having been recognized as the Best Homeland Security Company by Maryland Technology Enterprise Institute’s Technology Advancement Program, and TRX also won the 3rd Annual Global Security Challenge.
TRX Systems delivers precise, infrastructure free, tracking systems that safeguard people indoors and in locations without reliable GPS. The TRX Systems unique sensor fusion and mapping technology greatly improves situational awareness and command effectiveness by providing precise, real time 3D personnel location in areas that are GPS-denied. For more information on TRX indoor location technology visit: http://www.TRXsystems.com.