NORWALK, CONN.—Triax Technologies, Inc., an Internet of Things (IoT) solutions provider connecting construction, energy, manufacturing and industrial worksites, has raised a Series A funding round of $12.5 million which will be used to grow the Triax team and scale its solutions globally.
The round 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 and managing partner of McRock Capital, has joined the Triax board.
The expansion aims to support the growing demand and adoption for the company’s wearable solutions. When the COVID-19 pandemic began, Triax developed Proximity Trace to help organizations create a safe work environment with technology to address social distancing and contact tracing.
In May, Triax launched Spot-r Radius, providing expanded capabilities and leveraging preventative alerts with added safety and efficiency data insights.
Triax will begin to add to its team with openings in several areas across the company.
“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, in a statement. “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.”