North West Fund backs container security firm
A MANCHESTER firm, which has developed a new system for securing freight containers, has received a £500,000 investment from The North West Fund for Venture Capital, managed by Enterprise Ventures.
Loksys Solutions, based at Trafford Park, was set up by Simon and Ian McDermott who have sold a minority stake in return for the investment.
The brothers have spent three years developing their patented security system Trakalok, which combines a tamper-proof lock with a GPS tracking system, enabling containers to be locked and monitored.
Trakalok is already being used by customers in Europe, South America and China.
The company plans to use the cash to develop the product, increase its sales and marketing activities and recruit additional staff.
As part of this round of funding, Terry Donovan has joined the board as chairman and Margaret Llewellyn as non-executive director.
North West Fund investment director Doug Stellman 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.”
Loksys was advised by Alex Clarkson of Diagnostic Capital and Darren Harris of Addleshaw Goddard. Natalie Paddock of Brabners Chaffe Street advised The North West Fund for Venture Capital.
The £155m North West Fund is backed by the European Regional Development Fund and the European Investment Bank.
