Traak Systems gains £100,000
The University of Edinburgh spin-out has been backed by Braveheart Investment
Traak Systems, the radio frequency ID company, has received £100,000 from the Braveheart Investment group.
Traak was founded in 2005 after spinning out from the University of Edinburgh and is honing radio frequency identification technology (RFID) into goods and services for clients.
RFID enables companies to track individual items or vehicles as well as the scanning and storage of associated data.
The use of technology is increasing and the demand for RFID technology is projected to grow from $300m in 2004 to $3bn by 2009, the company says. RFID is already used for payment systems such as on Oyster cards for the London Underground and supermarkets such Wal-Mart uses it to monitor its supply chain.
The software Traak is developing will filter out unwanted noise thereby facilitating more manageable and efficient processing of raw data.
This could lead to data flows occurring in real time and should lessen network and server overloads.
Colin Balfour, managing director of Traak Systems, said: “Since establishing Traak in 2005, we have achieved a number of important milestones.
“This round of funding into the company will enable us to accelerate and complete the development of our core technology and enable us to further explore partnering or licensing opportunities, ahead of a formal product launch next year.”
Carolyn Smith, chief investment officer of Braveheart, added: “The growth of the RFID market has been well-documented, with companies able to track vehicles, products and other items with exact precision, providing them with invaluable data.
“The products Traak is developing will enable users to cope with the impending avalanche of information that these technologies will generate.”
© Crimson Business Ltd. 2007