ProAxion welcomes its lead investor, and invites more for an exciting 2016!

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!

L to R: Friend of ProAxion Larry Steffan, CEO Justin Rothwell, CTO Elliot Poger, and Lead Investor Mark Easley
L to R: Friend of ProAxion Larry Steffan, CEO Justin Rothwell, CTO Elliot Poger, and Lead Investor 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!

Unveiling ProAxion–come see it on Tuesday!

I am pleased to unveil the product I’ve been working on for the past couple of months: ProAxion!

PXN_Logo

ProAxion is “a ‘check engine’ light for manufacturing facilities”.  It saves manufacturing plants money by predicting and preventing failures of critical production equipment.  And it’s cheap and easy to install.

As you may know, factories are filled with “rotating equipment”: pumps, compressors, fans, mixers, rollers, etc.  These things wear out, and eventually fail.  And when the failure is a surprise, entire assembly lines can be shut down for weeks while repairs are performed.

The ProAxion system uses low-cost, wireless, battery-powered sensors to monitor vibration on motor housings.  This vibration data is transmitted instantaneously to the cloud, where our software analyzes patterns in that data over time.  When our software detects anomalies that indicate a coming failure, it alerts factory managers so they can prepare–ordering parts, arranging for repair personnel, etc.

Fewer unplanned equipment failures = less revenue loss due to downtime = a more competitive manufacturing business.

We’ll be demonstrating this system for the first time on Tuesday, September 15 in downtown Raleigh at the following events:

  • CED Tech Venture Conference
    Raleigh Convention Center, 9am – 6pm
    registration is $250 and up (but call me if you’d like to come, and I might be able to make arrangements)
  • NC RIoT Demo Night
    Raleigh Convention Center, 6pm – 8pm
    free if you register in advance!

I hope you’ll come see it–we’re excited to have our “coming out party” this Tuesday!

-Elliot