Triax Technologies Inc., a Norwalk Internet of Things (IoT) solutions provider focused on worksite safety, has completed a Series A funding round of $12.5 million.
According to the company, the new funding will be used to expand its workforce and increase its operations on a global scale.
The firm was primarily focused on the construction industry before adding new verticals in 2020 including energy, manufacturing and mining.
The new funding round was led by McRock Capital, an institutional investor focused on industrial IoT. As part of the financing, Scott MacDonald, co-founder & managing partner of McRock Capital, has joined the Triax board.
“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 Triax CEO Robert Costantini. “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,” Costantini added.