Loksys Solutions Limited, a Trafford Park, Manchester, UK-based company that has developed a new system for securing freight containers, received £500k in funding.
The investment was made by The North West Fund for Venture Capital, managed by Enterprise Ventures.
The founders of the company, brothers Simon and Ian McDermott, have spent three years developing their patented security system, Trakalok, which combines a tamper-proof lock with a GPS tracking system, enabling containers to be locked and monitored throughout their journey.
Trakalok is already being used by customers in Europe, South America and China.
The company intends to use the capital to further develop the product, increase its sales and marketing activities and recruit additional staff for its worldwide support operations at Trafford Park.