TRX Systems delivers Assured Position, Navigation, and Timing Technologies
TEDCO, Maryland’s economic engine for technology companies, announced today one of its Maryland Venture Fund (MVF) portfolio companies, TRX Systems (TRX), was acquired by ACR Group. Headquartered in Greenbelt, Maryland, TRX Systems is the developer of NEON® GPS-denied location solutions and the TRX Dismounted Assured Position, Navigation, and Timing (PNT) System (TRX DAPS). The company specializes in cutting-edge technologies and solutions that provide resilient and trusted position and time in environments where GPS is challenged, degraded, or denied.
“TEDCO was one of the earliest investors in TRX and their involvement went well beyond funding – they also connected us into Maryland’s technology ecosystem,” said Carol Teolis, CTO and co-founder of TRX Systems. “TEDCO’s early funding and guidance helped our startup get off the ground and accelerated our path to success. I encourage other Maryland-based STEM companies to explore potential opportunities with TEDCO just as we did.”
TRX recently announced it was selected by the U.S. Army to deliver a Dismounted Assured Positioning, Navigation and Timing (PNT) System (DAPS). The TRX DAPS solution uses a lightweight, soldier-worn device to enable dismounted warfighters to successfully conduct operations when operating in GPS challenged, degraded, or denied environments.
“Here at TEDCO, we are always looking to invest in companies with exceptional teams and innovative technologies so they can build businesses that last. The acquisition of TRX Systems by the ACR Group is a testament to the strength of TRX’s leadership and vision, and we are glad TEDCO was there with that initial investment and support,” said Jack Miner, chief investment officer at TEDCO.
TEDCO invested in TRX Systems in 2008 and completed a follow-on investment in 2012. TEDCO’s early-stage, venture capital funds are dedicated to funding and growing the next generation of outstanding technology-based businesses in the state. TEDCO’s early stage investing goal is to make meaningful allocations into venture trajectory businesses, serving as their first institutional partners.
In 2012, TRX was a recipient of TEDCO’s two-year Joint Technology Transfer Initiative (JTTI), a congressionally funded program which provided grants to small businesses developing technology to meet the needs of DHS S&T and/or USAMRMC. TRX was also a winner of TEDCO’s ICE Awards for Corporate Excellence in 2013.
“We’re proud that TEDCO played an important early role in the TRX success story, and look forward to more such successes with a variety of entrepreneurs, including those traditionally underrepresented in their fields,” said Troy LeMaile-Stovall, TEDCO CEO.
For more information on the TRX Systems suite of location, mapping, and timing solutions, go to https://www.trxsystems.com/. ACR Group develops satellite-based tracking, data communications, and emergency location products and services used across military and defense, aviation, marine, and outdoor markets. For more information on the ACR Group beacons, SATCOM, and other safety, location, and navigation equipment, visit https://www.acrartex.com/.
TEDCO provides funding, resources and connections that early-stage technology and life sciences companies need to thrive in Maryland. For entrepreneurs interested in applying for TEDCO funding opportunities, visit https://www.tedcomd.com/funding.
About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.
