Funding led by specialist VC firm McRock Capital supports growing demand for IoT solutions to increase worksite safety, efficiency
NORWALK, Conn.–(BUSINESS WIRE)–#Connected—Triax Technologies, Inc., a leading Internet of Things (IoT) solutions provider connecting construction, energy, manufacturing and industrial worksites, announced today that it has raised a Series A funding round of $12.5 million. The round, led by McRock Capital, an institutional investor focused on industrial IoT, along with Connecticut Innovations and support from existing shareholders, will be used to grow the Triax team and scale its solutions globally. 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.
“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,” said 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.”
“The next major wave of digital transformation in the industrial sector will be driven by the connected worker,” said MacDonald. “Triax uses its dependable IoT technology to connect people and equipment in the toughest industries in the world to improve worker safety and drive operational efficiency.”
Triax accelerated its business momentum in 2020, adding many new clients and industry verticals, including energy, mining and manufacturing, to its well-established construction client base. At the beginning of the COVID-19 pandemic, Triax quickly developed Proximity Trace, becoming a critical partner in helping organizations create a safe work environment and keep their doors open with highly scalable technology to address social distancing and contact tracing.
Building on the market demand for this real-time worker alert technology, Triax launched Spot-r Radius in May 2021, providing expanded capabilities. This next-generation solution leverages preventative alerts with added safety and efficiency data insights.
Triax’s full product suite of safety and efficiency solutions, which also includes Spot-r Mesh, Spot-r Radius and Spot-r Access, provides data insights to help clients digitally transform their worksites. In the coming months, Triax will build its international capabilities to help tech-savvy companies around the world achieve the same benefits.
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.
About McRock Capital
McRock is the first dedicated Industrial Internet of Things (IIoT) venture capital fund manager focused on the intersection of sensors and software in large industrial markets and smart cities. The McRock team has a unique background of building high-growth venture-backed IIoT companies while also having worked in the power, water, oil and gas industries. McRock is backed by several leading institutional investors and global corporations including Cisco Systems, Caterpillar, Shell, Mitsubishi, AspenTech and Électricité de France (EDF). For more information, visit McRockCapital.com and follow on Twitter @McRockCapital.
About Triax Technologies, Inc.
Triax Technologies, Inc. develops and delivers a fully connected loT worksite platform through a proprietary communication hub designed for industries such as construction, energy, oil & gas, manufacturing, mining, heavy industrial and other challenging IT environments. Its Spot-r suite of wearable solutions addresses diverse digital needs, providing data-driven visibility to elevate worksite safety, efficiency and security, while minimizing health and safety risks. Triax enables intelligent, actionable insights, helping firms work safer and smarter. The company is privately held and based in Norwalk, Conn. More information can be found at www.triaxtec.com.
* Spot-r Mesh, Spot-r Radius, Spot-r Access, and Proximity Trace are trademarks of Triax Technologies, Inc.
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