A logo for TRAXyL, Inc.
TRAXyL, Inc., an industry disrupter in the optical fiber installation industry, today announced the closing of an oversubscribed $5 million series seed funding round led by Draper Associates, a global venture capital firm investing in industry-transforming companies. TRAXyL expects to use the net proceeds of its financing to further develop its minimally disruptive fiber-optic installation technology, manufacture additional installation equipment to meet customer demand, and grow its team.
In addition to closing its seed round, TRAXyL also announced a strategic investment and product development agreement with In-Q-Tel, Inc., the non-profit strategic investor that identifies cutting-edge technologies to advance and enhance the national security capabilities for the U.S. and its allies. This agreement will accelerate the development of TRAXyL's next-generation, flush-mount fiber optic installation technology.
"We are excited to announce that we have closed a $5 million seed round led by Draper Associates, with additional support from Felton Group LLC, Industrious Ventures, 1862 Capital, Precursor Ventures, Ring Ventures (an Alumni Ventures Fund), Capital Factory, and angel investors," said Daniel Turner, Co-Founder and CEO of TRAXyL. Stephen Carter, Co-Founder and COO, added: "The dedicated support of such a high caliber group of investors also enabled TRAXyL to receive a strategic investment from In-Q-Tel and to apply for additional non-dilutive funding from the U.S. Air Force AFWERX program and the National Science Foundation SBIR Phase IIB program. IQT's strategic investment in the company will enable TRAXyL to further develop FiberTRAX, our "painted" fiber installation capability, which will greatly expand the use case of our product offering." Daniel Turner continued, "We are very excited to be partnered with each of our investors as we move forward to deliver highspeed communications to the most underserved and hardest-to-reach areas. We are now in overdrive mode to build upon our existing technology and hire the best and brightest in operations, sales, and technical disciplines."
"At Draper Associates, we support and grow companies that are transformative in their respective industries," said Tim Draper, Founding Partner of Draper Associates. "TRAXyL's ability to quickly and efficiently install high-speed communication links in a minimally disruptive manner creates an opportunity to transform the telecommunications and construction industries and to connect the hardest-to-reach areas of our cities, nations, and planet with first-class, high-speed communication lines. We are thrilled to promote the growth of this team and the further roll-out of this exciting technology."
Lewis Ringelman P.C., based in Denver, Colorado, served as legal counsel to TRAXyL in each of these transactions.
Headquartered in Gainesville, Virginia, TRAXyL has developed a new technique for installing optical fiber. TRAXyL's patented FiberTRAX technology provides a minimally disruptive method of installing industry-leading, high-speed fiber optic communication lines directly onto paved surfaces, encased in low-profile, durable protective coatings. This technology has been proven to reduce lead times, installation and maintenance costs, and disruptions to surrounding areas, in connection with the installation of new fiber optic lines. FiberTRAX is installed using a TRAXyL-developed TRAXtor machine, which is operated by TRAXyL personnel or leased to authorized distributors and installers. Please visit www.traxyl.com for more information.
About Draper Associates
Founded in 1985 by Tim Draper, Draper Associates is the leader in early-stage venture capital that continues to invest in technology companies that show exceptional promise. The firm's investments have included Coinbase, Baidu, Tesla, Skype, SpaceX, Twitch, Hotmail, Focus Media, Robinhood, Carta, and other industry unicorns at the early stage. Draper Associates has built a reputation for encouraging entrepreneurs to drive their businesses to greatness, to transform industries with new technologies, and to build platforms for extraordinary growth, jobs and wealth creation. To learn more, visit www.draper.vc.
In-Q-Tel is the not-for-profit, strategic investor that serves the national security interests of the U.S. intelligence and national security community and its allies, providing the most sophisticated source of strategic technical knowledge and capabilities. For more information, visit www.iqt.org.
Press Release Service by Newswire.com
Original Source: TRAXyL Raises $5 Million in Oversubscribed Seed Round Led by Draper Associates