Jacobs Automation announced the closing today of a Series A financing led by Blue Chip Venture Company, joined by the Queen City Angels, the Kentucky Science and Technology Corporation, and the company's founders. Additionally, the company secured a loan from the Kentucky Department of Commercialization and Innovation.
"This financing will fuel our rapid growth, allowing us to capitalize on the numerous opportunities available in the market" said Keith Jacobs, CEO of Jacobs Automation.
Jacobs further notes, "We saw great success in the past year and this financing round will help us continue to innovate and continue our aggressive growth".
About PackTrak: Jacobs Automation LLC is a leading automation technology provider, developing and manufacturing technology with groundbreaking speed, flexibility, and energy efficiency for the packaging and material handling industries.
The company's PackTrak™ product line saves money and reduces energy consumption by transforming today's hardware laden automation machinery into software-based, highly flexible digital machinery. Using maglev technology (propelling objects using magnetic fields), Packtrak eliminates a significant amount of hardware, the root cause for downtime, inflexibility and maintenance in a machine, replacing it with software-controlled, solid state components.
PackTrak provides independent, software control of multiple movers along a track in a production line, while greatly reducing the number of hardware components. This capability provides for increased flexibility and speed for the movement of products in packaging, converting and material handling processes, saving Jacobs' customers millions of dollars in annual costs.
For more information, visit www.jacobsautomation.com.