CARY – ProAxion, a provider of an integrated technology platform that enables industrial clients to use predictive maintenance data to maximize uptime along manufacturing lines, has raised nearly $1.7 million in equity from 26 investors.
The Cary-based startup company disclosed it had raised $1,693,138 from its investors.
The SEC filing notes that the round could be as high as $2 million.
Funding will be used for working capital, according to the filing.
CEO Eric Murray declined to comment to WRAL TechWire regarding the funding, but did confirm the company could raise additional capital.
Founded in 2014, the company won a 2016 NC IDEA grant, then raised $752,930 in equity in 2017. 19 investors participated in the 2017 funding, according to prior reporting from WRAL TechWire. In 2020, eight investors poured in $95,441 in a combination of debt and options, according to a prior SEC filing.
Even more money: IoT startup ProAxion lands $752K, new investors
The company states on its website that the goal of the firm and its technology is to “drive plant reliability and remove those daily machine health concerns which interrupt operations and impact the bottom line.”
As far back as 2015, company co-founder Justin Rothwell described the firm’s Internet-of-Things technology as a “check engine light for big machines.” Rothwell completed a Q&A about ProAxion and its technology with WRAL TechWire following the company’s receipt of the NC IDEA grant.
