We’re wrapping up an eventful couple of months at ProAxion:
- Our system is now installed at 4 beta customers, spanning various industrial applications from plastics extrusion machines to data center cooling tower fans
- Of the 130 applicants to the NC IDEA awards, we were one of the 9 finalists (but weren’t one of the 6 to receive a grant, rats)
- We’ve established key relationships with subject matter experts in machine vibration and predictive maintenance; these experts will help us improve our system and bring great value to our customers
We are particularly excited to announce last week’s milestone–we have received our first financial investment, from noted Triangle angel investor and advisor (and Silicon Valley veteran) Mark Easley!
I first met Mark when I demonstrated my PharmAssist prototype at the IBM IoT Design Challenge in December 2014. Once Justin and I started working on ProAxion, I invited Mark to be one of the first people to see our product, and he has been exceptionally helpful along the way. We are honored to have Mark as a core part of our team and feel fortunate to have such an accomplished advisor to help guide us on this journey!
We have some important milestones planned for first quarter of 2016 including establishing a scalable Go-To-Market strategy and converting our beta customers to paid customers. We expect to raise a Seed Round of equity-based financing sometime in Q2 2016. In the meanwhile, we are raising a small amount of capital to help us accomplish our Q1 objectives. If you (or someone you know) is an accredited investor who might be interested in participating in this exciting journey, please get in touch!
In the meanwhile, I hope you had a rockin’ Hanukkah, and have a Merry Christmas and a Happy New Year to boot.
Here’s looking forward to an exciting 2016!