Geonix Tracking funded for global expansion
Geonix Tracking which sells global satellite positioning devices has secured £250,000 of funding to sell its products across the world.
The Bath-based company has already secured orders in excess of £100,000 from major security firms such as the Olive Group.
Its main product, the GT2000, can be attached to a mobile phone and provides continuous information on whereabouts within a 10m radius.
The funding, received from the YFM-managed South West Ventures Fund, will enable the company to expand on a global basis and will be principally used to boost its manufacturing and marketing capacity.
David Bland, the chief executive of Geonix Tracking, said: “The funding from the South West Ventures Fund comes at an exciting time for our organisation as it will enable us to initiate our expansion strategy.
“The security tracking market continues to develop quickly and extensively and our satellite products allow us to provide cover to the 95% of the earth’s surface where GSM signals are not available.
“Geonix Tracking offers a complete range of overt and covert tracking, monitoring and surveillance equipment, protecting people and property world-wide.”
Alison Briggs, investment manager from the YFM Group, added: “Geonix has developed state of the art technology for use in a rapidly growing market.
“We are delighted to back the company’s experienced management team and look forward to being part of its successful future.”
© Crimson Business Ltd. 2007