LocatorX, which provides accurate and flexible tracking technology to companies across a variety of industries, said Tuesday it has closed on its most recent round of fundraising, raising $6.6 million over the past year to support continued product development and expansion of operations in sales and marketing.
LocatorX technology enables brands and consumers to access an item’s current location and audit trail from its origin. This helps protect against theft, counterfeiting and product diversion, while increasing the consumer connection with manufacturers.
“Tracking and anti-counterfeiting technology have never been more important than in our current global environment,” Scott Fletcher, president and CEO of LocatorX, said. “The pandemic has created additional demand for location capabilities due to disruptions in the supply chain and a greater need for product authentication and tracking for healthcare equipment.”
At the same time, the Atlanta-based company appointed former UPS chief financial officer (CFO) Kurt Kuehn to its board of directors. Kuehn served as CFO at UPS for eight years, capping a 38-year career at the multinational package delivery and supply chain management company.
“Kurt Kuehn is a phenomenal addition to our board of directors,” added Fletcher. “His unparalleled supply chain expertise and tenure as a leader at UPS will have a huge impact on the work we’re doing at LocatorX.”
For his part, Kuen said LocatorX technology can help provide peace of mind to companies during this uncertain period.
“The ability to provide visibility as to a product’s journey through the supply chain, particularly who has touched it and when, will only become more important in the months and years to come,” he said.
Initially founded with technology discovered at the University of Oxford, LocatorX has patented new techniques such as a cutting-edge solid-state miniature atomic clock to track shipments precisely. With innovative cryptographic technologies, and flexible and portable tracking options, LocatorX gives clients the ability to overcome common supply chain obstacles and support greater engagement with their own customers.