“We have been really impressed with the team, their product, and their ability to secure several large and sophisticated customers. There is a clear need for this solution and we feel the market potential is large and attainable,” said Stephen Clossick, Fund Manager of TAP.
Research Triangle Park, NC (PRWEB) September 28, 2017
The round was led by Triangle Angel Partners II (TAP II) based in RTP, with participation from VentureSouth and other existing investors. As a result, ProAxion’s Board of Directors will welcome two new members: Railinc CEO Allen West and independent venture capitalist Bruce Boehm.
Funding will be used to bolster sales, marketing and customer support; enhance ProAxion’s Tactix™ line of wireless sensors and telemetry hardware; and make further improvements to its cloud-based predictive analysis and remote alert service.
“We put some early money into ProAxion when they first started,” said Stephen Clossick, Fund Manager of TAP. “We have been really impressed with the team, their product, and their ability to secure several large and sophisticated customers. There is a clear need for this solution and we feel the market potential is large and attainable,” he added.
The largest new participant in this round is VentureSouth, a network of angel groups in the Carolinas. According to VentureSouth Managing Director Matt Dunbar, many of its investment partners have built successful manufacturing operations and thus have direct experience with the challenges caused by unexpected downtime. “When our group first learned the ProAxion story, they were very interested in how this could help their businesses, so our due diligence process was very hands-on with deep domain experts.”
“I am excited to have TAP, VentureSouth and existing investors participating in this round,” said ProAxion CEO & Co-Founder Justin Rothwell. “It’s a great vote of confidence not only in what we have already achieved, but in the opportunity in front of us. I am also extremely happy to have Allen and Bruce joining our Board. Between the two of them, we are gaining significant first-hand experience on how to run and grow a company like ours and navigate a successful path to realizing the huge potential of the Industrial IoT market.”
About the predictive maintenance market
US industrial facilities lose approximately $50 billion per year due to unanticipated machine breakdowns and inefficient maintenance practices. New predictive maintenance technology, such as ProAxion’s Tactix™ system, give industrial facilities affordable an easy-to-use tool that alerts operations and maintenance personnel that machinery will soon require service, allowing them to make repairs before failure occurs and realize significant efficiencies through advanced warning and planning.
ProAxion was founded in 2015, with the mission of leveraging the latest in IoT technology to provide easy-to-use and cost-effective predictive maintenance tools for both large and small industrial facilities. Its Tactix™ system is comprised of wireless sensors that simply mount on existing machinery and seamlessly connect to their cloud-based monitoring service, which provides customers with an affordable yet effective predictive maintenance solution. To date the company has saved customers hundreds of thousands of dollars by alerting them of impending equipment trouble and allowing them to address those problems before operations are negatively affected.