TRX Systems Raises Nearly $2M in Series A
TRX Systems Inc., the Greenbelt, MD-based developer of NEON, a personnel tracking system that delivers location-based data on people who are indoors and in urban areas where GPS is unavailable, has raised nearly $2m in Series A financing.
Backers include Motorola Solutions Venture Capital, the strategic investment arm of Motorola Solutions Inc. (NYSE: MSI), New Dominion Angels, the Maryland Department of Economic Development and insider investors.
The company intends to use the funds to fund integration of its TRX NEON Indoor Location System with Motorola Solutions radios to expand the industrial and commercial location applications for which the TRX sensor fusion and mapping technology is applied, and to scale sales and marketing.
Led by Carole Teolis, co-founder and CTO, and Carol Politi, president and CEO, TRX Systems delivers precise, infrastructure-free tracking systems that safeguard personnel operating indoors and in locations without access to reliable GPS such as inside buildings and in tunnels or metros.
The company has developed NEON, which uses TRX sensor fusion and mapping to correlate information from a broad array of sensors, including magnetic, ranging, inertial, light, pressure, RF and GPS, and combines it with known and discovered map information.