McRock leads US$12.5 million Series A financing in connected worker solutions company.
Built for the toughest industries in the world, Connecticut-based Triax Technologies, Inc. is advancing the digital transformation on worksites in construction, energy, mining, and manufacturing. The company’s wearable IoT solutions provide data-driven visibility to elevate worksite safety, productivity, and security, while minimizing health and safety risks.
McRock led the US$12.5 million Series A financing that included participation from Connecticut Innovations and existing investors. As part of the financing, McRock Co-founder & Managing Partner, Scott MacDonald, has joined the Triax Board.
Triax recently launched a wearable technology that provides key worker-to-worker, worker-to-location and worker-to-equipment-based intelligence to deliver insights into daily operations. In addition to real-time safety alerts that proactively notify workers before entering hazardous areas, the latest solution automates headcount and hours for daily reporting and labor billing verification. The solution also tracks equipment utilization, identifies bottlenecks causing inefficiency and supports social distancing and digital contact tracing.
Triax achieved strong growth in 2020, adding many new clients and industry verticals, including energy, mining and manufacturing, to its well-established construction client base. At the beginning of the COVID-19 pandemic, Triax quickly became a critical partner in creating a safe work environment to keep their customers’ doors open during the Covid pandemic through social distancing and contact tracing.
This is McRock’s second investment within weeks in the rapidly growing connected worker sector. On June 7, the fund announced it had participated in the US$25 million investment in Poka Inc.