ExactTrak, a company which manufactures USB devices capable of remote manipulation, has secured the backing of a number of private investors, GrowthBusiness can exclusively reveal.
The Warwickshire-based company has USB products which can be turned off or on remotely, and contain data which can be wiped if compromised.
The £475,000 that has been invested in the business is being provided by investors such as Viscount Nicholas Bearsted, a ‘regular’ investor in early stage companies, Richard Foskett, ex-CEO of Rhetorik and Dave Holman, ex-CEO of Becrypt.
ExactTrak used Nortons Corporate Finance to locate private investors capable of providing cash and specific skills related to the growth of the business. The funding raised will be used to develop the sales channel of its Security Guardian product as well as driving customer pull through it.
Simon Thorpe, new investor in ExactTrak, says, ‘The issues with losses of confidential data and personal information are relentless and with existing regulation from the ICO coupled with potentially more stringent regulation from the European Commission, businesses have no choice but to secure their mobile data.’
Andrew Norton, managing partner at Nortons Corporate Finance, says that ExactTrack is ‘exactly what we look for in a client’.
He adds, ‘The product has clear market value, is globally scalable and can drive recurring revenue. We had a breadth of interest in ExactTrak from institutions as well as private investors.’