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Triax Technologies raises $12.5m Series A funding to expand IoT offer

First dedicated industrial internet of things venture capital fund supports growing loT worksite platform to increase worksite safety and efficiency

Heavy industrial internet of things (IIoT) platform provider Triax Technologies has been handed a significant boost in its mission to support connected workers, who the company says will be the drivers of the next major wave of digital transformation in the industrial sector.

Triax says its IoT technology is designed to connect people and equipment in the toughest industries in the world to improve worker safety and drive operational efficiency, helping firms to work smarter and more safely. It develops and delivers an loT worksite platform through a proprietary communication hub designed for industries such as construction, energy, oil and gas, manufacturing, mining, heavy industrial and other challenging IT environments.

Triax accelerated its business momentum in 2020, adding new clients and industry verticals, including energy, mining and manufacturing, to its well-established construction client base.

At the heart of its offer is the Spot-r suite of wearable technology that addresses digital needs, providing data-driven visibility to elevate worksite safety, efficiency and security, while minimising health and safety risks, said the company. At the start of the Covid-19 pandemic, Triax developed Proximity Trace, helping organisations to create a safe work environment with scalable technology to address social distancing and contact tracing. The Spot-r suite was enhanced in May 2021 to offer preventative alerts with added safety and efficiency data insights.

In the next stage of its development, Triax has raised a Series A funding round of $12.5m led by McRock Capital, an institutional investor focused on industrial IoT, along with Connecticut Innovations and support from existing shareholders.

McRock is said to be the first dedicated 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 background of building high-growth venture-backed IIoT companies while also having worked in the power, water, oil and gas industries. It is backed by several leading institutional investors and global corporations, including Cisco Systems, Caterpillar, Shell, Mitsubishi, AspenTech and Électricité de France (EDF).

The funding comes amid what Triax says is growing demand for, and investment in, IoT technology, and increased adoption of the company’s wearable technology to improve worksite safety and efficiency.  The company will use the investment capital to grow its team and scale its offerings globally. As part of the financing, Scott MacDonald, co-founder and 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 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.”

In the coming months, Triax will build its international capabilities to help global clients digitally transform their worksites. It will now begin to expand its team, with openings in several areas across the company. It is seeking team members with domain-specific technical skills.

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