Knoxville company funded under TNInvestco program
KNOXVILLE -- TrakLok Corp., developer of a security device for shipping containers, will receive funding from Innova, an investor in the biosciences, technology and agbio fields across Tennessee.
The investment is Memphis-based Innova’s first under the the Tennessee Small Business Company Investment Credit Act, Innova announced today.
Financial details of Innova's investment were not disclosed.
Knoxville-based TrakLok has developed GeoLok, a security device that monitors the location of the container and “can refuse to open itself until the container has arrived safely at its intended destination,” the release said.
“We have been watching TrakLok since the Tennessee Innovation Conference was organized by TTDC in late 2008. Since then, the company has made enormous progress on a very tight budget — we like companies that know how to stretch a dollar,” Innova partner Jan Bouten said in a prepared statement.
“The company’s portable GeoLok brings an unprecedented level of visibility and security to the logistics industry and can save manufacturers and shipping companies billions per year.”
