CARY — ProAxion, an industrial Internet of Things (IoT) company specializing in predictive maintenance technology for manufacturing, has raised roughly $95,000 in debt, according to a recent securities filing.
Eight investors contributed to the round, which is capped at $900,000 with around $804,000 remaining to be sold.
The Cary-based firm said funds would be used for “working capital,” which may include normal compensation to executive officers.
Founded in 2015, ProAxion has been called the “check engine light for industrial control systems.” According to its website, its mission is to leverage the latest and best in IoT technology to provide easy-to-use and cost-effective predictive maintenance tools for both large and small industrial facilities.
ProAxion’s lead products are wireless sensors and telemetry hardware that are attached to existing devices, thus making them part of the IoT wireless world. ProAxion’s services include predictive analysis and remote alerts.
“To date, the company has saved customers hundreds of thousands of dollars by alerting them of impending equipment trouble and allowing them to address those problems before operations are negatively impacted,” ProAxion said on its website.