— and executes a strategic investment and development agreement with In-Q-Tel —
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GAINESVILLE, Va., Oct. 13, 2022 (GLOBE NEWSWIRE) — TRAXyL, Inc., an industry disruptor in the fiber optic installation industry, today announced the closing of a seed funding round for the series of $5 million oversubscribed led by Draper Associates, a global venture capital firm that invests in industry transformational 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 equipment.
In addition to closing its seed round, TRAXyL also announced a strategic investment and product development agreement with In-Q-Tel, Inc., the nonprofit strategic investor that identifies cutting-edge technologies to advance and enhance security capabilities. national for the United States and its allies. This agreement will accelerate the development of TRAXyL’s next-generation embedded fiber optic installation technology.
“We are pleased 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 investors. angels,” 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 apply for additional non-dilutive funding from US Air Force AFWERX. and the National Science Foundation’s SBIR Phase IIB program IQT’s strategic investment in the company will allow TRAXyL to further develop FiberTRAX, our “painted” fiber installation capability, which will greatly expand the use case of our product offer”. Daniel Turner continued, “We are very excited to partner with each of our investors as we move forward to bring high-speed communications to the most underserved and hardest to reach areas. We are now in accelerated mode to leverage our existing technology and hire the best and the 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 communications services. first class”. , high-speed communication lines. We are delighted to further the growth of this team and the further deployment of this exciting technology.”
Lewis Ringelman PC, based in Denver, Colorado, acted as legal counsel to TRAXyL in each of these transactions.
About TRAXyL
Headquartered in Gainesville, Virginia, TRAXyL has developed a new technique for installing fiber optics. TRAXyL’s patented FiberTRAX technology provides a minimally disruptive method for installing industry-leading, high-speed fiber optic communication lines directly over paved surfaces, coated with low-profile, durable protective coatings. This technology has been shown to reduce lead times, installation and maintenance costs, and disruption to surrounding areas, associated with installing new fiber optic lines. FiberTRAX is installed using a TRAXyL-developed TRAXtor machine, which is operated by TRAXyL personnel or leased from authorized dealers and installers. 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 early-stage industry unicorns. Draper Associates has built a reputation for empowering entrepreneurs to propel their businesses to greatness, transform industries with new technologies, and build platforms for extraordinary growth, jobs, and wealth creation. For more information, visit www.draper.vc.
About In-Q-Tel
In-Q-Tel is the nonprofit strategic investor serving the national security interests of the US national security and intelligence community and its allies by providing the most sophisticated source of strategic technical expertise and capabilities. For more information, visit www.iqt.org.
Contact information:
Daniel Turner
CEO
[email protected]
8444872995
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