Triax Technologies Inc., a Norwalk-based company which provides tech aimed at improving safety in construction and other industries, indicated Thursday it has raised $12.5 million in a Series A funding round.
McRock Capital of Toronto led the round, and Triax also got support from Connecticut Innovations of New Haven and existing shareholders.
Triax plans to use the money to expand its team, with hiring to begin immediately. The funds will also be used to scale the company’s operations globally.
Triax CEO Robert Costantini said the company’s mission is to provide technology to help companies keep their workers safer and their worksites more efficient.
“The funding, which validates our position in the market, will accelerate our efforts to bring data-driven technology to worksites around the world,” Costantini said in an announcement.
The company has products aimed at helping employers manage complex worksites.Â
The company’s Spot-r Clip, for example, attaches to a worker’s waist belt and monitors their location as they move around a job site. With the technology, workers can report injuries and hazards. Employers can detect falls, and improve injury response time, according to the company. The technology can also be used to automate time and attendance.
At the beginning of the COVID-19 pandemic, Triax developed Proximity Trace, technology aimed at helping employers remain open while addressing social distancing and contact tracing concerns.
In May, the company launched Spot-r Radius, which provides safety alerts and data insights.
The company’s customers are frequently in the construction, energy, oil & gas, manufacturing, mining and heavy industrial sectors.
Scott MacDonald, co-founder and managing partner of McRock Capital, has joined the Triax board.
“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.”
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
