Jacobs Automation in Hebron received $700,000 in Series A financing from the Kentucky Enterprise Fund and local investors including Queen City Angels, and Blue Chip Venture Capital. The high-tech company, which works with the packaging industry, also has been approved for an additional $400 from the Commonwealth Seed Capital and from Kentucky Loan program funded by the KY
Department of Commercialization and Innovation.
The Northern Kentucky company was founded in 2004 to develop cost-saving, energy efficient automation technology for the packing industry. Its trademarked PackTrak lines uses maglev technology (which propels objects using magnetic fields) making traditional hardware laden automation machines more efficient. PackTrak eliminates much hardware, which often causes downtime, inflexibility and maintenance in a machine. That hardware is replaced with software-controlled components.
"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. "We saw great success in the past year and this financing round will help us continue to innovate and continue our aggressive growth."
The funds will allow Jacobs to increase sales and marketing staff and build new demonstration models.
Jacobs Automation received the funding with the aid of Northern Kentucky ezone, which works with several organizations across the state to connect funders and companies. Applications for another round of funding will be accepted until June 24. ezone clients can apply for grants of $30,000 or other funding options ranging from $100,000 to $750,000 toward commercializing high-tech/high-growth companies and ideas.
The grants enable individuals or businesses to create and market new products, technologies and processes. The funding received from the Commonwealth can assist or compliment companies whose strategy includes raising capital. For more information or to begin your application, please contact Keith Schneider at the
Northern Kentucky ezone at 859-292-7785.
Writer: Feoshia Henderson
Source: Keith Schneider, Commercialization Director Northern Kentucky ezone
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