Triax Technologies has raised $12.5 million in Series A investor funding, which will be used to hire more workers and scale its business globally.
The startup uses the Internet of Things (IoT) to develop software and wearables to improve worker safety on job sites.
Investment funding was led by McRock Capital, an institutional investor focused on industrial IoT, along with Connecticut Innovations and support from existing shareholders. As part of the financing, Scott MacDonald, co-founder & managing partner of McRock Capital, has joined the Triax board. The funding comes amid growing demand for, and investment in, IoT technology, and increased adoption of the company’s wearable solutions to improve worksite safety and efficiency.
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“Our mission is to provide IoT technology and data insights that help companies change the way they work to keep workers safer and worksites more efficient,” says Robert Costantini, CEO of Triax. “By working closely with innovative customers, we have demonstrated the ability to service large-scale operations with robust and scalable technology, and to serve as a trusted partner in their digital transformation initiatives. The funding, which validates our position in the market, will accelerate our efforts to bring data-driven technology to worksites around the world.”
Triax accelerated its business in 2020, adding new clients and industries, including energy, mining and manufacturing, to its client base. At the beginning of the COVID-19 pandemic, Triax quickly developed Proximity Trace, helping organizations create a safe work environment and keep their doors open with technology to address social distancing and contact tracing.
“The next major wave of digital transformation in the industrial sector will be driven by the connected worker,” MacDonald says.
Building on the market demand for this real-time worker alert technology, Triax launched Spot-r Radius in May, providing expanded capabilities. The tech combines preventative alerts with added safety and efficiency data insights.
Triax will immediately begin to expand its talented team with openings in several areas across the company. It is seeking team members with domain-specific technical skills, who would work well in a community-minded, fair and transparent culture.