Member Article

Loksys Solutions secure £500,000 venture capital

Manchester-based Loksys Solutions has raised a £500,000 investment from the North West Fund for Venture Capital.

Loksys Solutions has developed tamper-proof, GPS-monitored locks, branded as “Trakalok”, for large freight containers, which founders Simon and Ian McDermott spent three years developing.

The fund, managed by Enterprise Ventures, will be re-invested in product development to increase sales and marketing activity, and new staff will be recruited to join support operations based at Trafford Park.

The Trakalok system allows companies to track their cargo throughout a journey overseas, and is already being used by customers in Europe, South America and China.

Loksys Solutions’ efforts have been recognised by the cash injection from the North West Fund, provided jointly by the European Regional Development Fund and the European Investment Bank.

Doug Stellman, investment director for The North West Fund for Venture Capital, said: “Security systems are essential in the freight industry to protect against cargo theft and monitor supply chain integrity, however operating such systems across the globe reliably is technically challenging.

“We were impressed with the continual progress the company has made in developing the Trakalok system and its success in securing global customers is testament to that.”

This was posted in Bdaily's Members' News section by Miranda Dobson .