Tactical Awareness Beacon Systems LLC (TABS), a Woodbury, Conn.-based company that develops GPS-enabled asset tracking systems and services for the commercial, public and consumer sectors, raised $500k in venture financing.
The capital was provided by Connecticut Innovations (CI), through its Venture & Mezzanine Debt Fund.
The company intends to use the funding to continue to refine and roll out ShadowCash, its initial product.
Established in 2009 by CEO and co-founder Dean Sarjeant, TABS has developed a portfolio of hardware, software, services and business methods that use GPS tracking to help commercial financial institutions overcome the everyday challenges of theft.
ShadowCash, which is designed to track stolen cash from commercial bank robberies, includes a GPS tracking device that is hidden in a stack of bills stored in a bank teller’s drawer. When the stack containing the TABS device is lifted from the cash register, the device automatically begins sending a silent alarm through cellular signals every five to ten seconds. Those signals are received by TrackString, the company’s proprietary back-end tracking system, which the TABS support staff monitors 24/7 and can link to the local police department.