Technology investor syndicate Braveheart has made a £150,000 follow-on investment into University of Edinburgh spin-out Traak Systems.
Traak Systems was founded in 2005 and specialises in developing a range of radio frequency identification (RFID) and sensor based services. The firm’s technology is already used by the London Underground and US retail giant Walmart.
The investment came from Braveheart’s Alpha EIS Fund and is the fund’s ninth such venture. The new round of funding is aimed at developing further technology and enabling the company to seek out new partnerships.
CEO of Traak, Colin Balfour said: “We are delighted to receive further support from Braveheart who instinctively understand the needs of developing technology companies, and recognise the opportunities available to us as we look to capitalise on our technology.”
The Alpha EIS Fund is a £2.5m fund that was established in December 2005. It targets early-stage university spin-out companies. The fund’s co-investors include Scottish Enterprise’s Scottish Co-investment fund and Braveheart’s own clients.
Traak has maintained strong ties with the University of Edinburgh and is currently working with partners such as Motorola, Microsoft, Oracle and Ekahau.