ProAxion, a Raleigh, NC-based-based Industrial IoT startup, closed $500K in seed funding.
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 add Railinc CEO Allen West and independent venture capitalist Bruce Boehm.
The company intends to use the funds to bolster sales, marketing and customer support, enhance its Tactix™ line of wireless sensors and telemetry hardware, and make further improvements to its cloud-based predictive analysis and remote alert service.
Founded in 2015 by CEO Justin Rothwell, ProAxion specializes in predictive maintenance technology for the manufacturing and power industry. Its Tactix™ system gives industrial facilities a 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.
The system is comprised of wireless sensors that mount on existing machinery and connect to their cloud-based monitoring service.