The Launch Place invests in ProAxion
The Launch Place in Danville has announced it is investing $75,000 to help bring ProAxion’s product to market.
ProAxion is a startup based in North Carolina’s Research Triangle Park. Its TACTIX Machine Health Monitoring System helps manufacturers monitor machines and avoid breakdowns.
The system has been used in pilot programs at two Virginia manufacturers—Blue Ridge Fiberboard in Danville and Drake Extrusion in Martinsville.
“The system fits well in our predictive maintenance program by providing 24/7 monitoring of the equipment where it is being used,” Blue Ridge Fiberboard’s Plant Manager, Mark Custer, said in a statement. “The hope is that the machine vibration and temperature data will help to identify issues before they result in a breakdown.”
Since the local pilot projects were successful, The Launch Place decided to invest in ProAxion. The money’s coming from The Launch Place’s pre-seed investment fund, which requires that a business locate in the Danville-area as it grows.
“When we first met [ProAxion CEO and co-founder] Justin [Rothwell] over a year ago, and learned about ProAxion, we could see the potential for their product. However, the company was too early in development for The Launch Place investment,” Eva Doss, The Launch Place president and CEO, said in a statement. “We are very grateful to these local companies for opening their doors to ProAxion. The product has been tested and reached specific milestones that brought them to become investment ready.”
In addition to offering startups funding, The Launch Place offers businesses in Danville, Pittsylvania County and Caswell County, N.C., consulting, mentoring and residential and office subsidies.