Braveheart funding keeps hi-tech firm on Traak for £1.5bn market

Published on Tuesday 21 August 2007 01:19

AN EDINBURGH University spin-out company targeting a technology market predicted to be worth $3 billion (£1.5bn) by 2009 has secured six-figure funding from venture capital group Braveheart, writes Scott Reid.

Traak Systems, founded in late 2005, is developing "self-learning" radio frequency identification (RFID) products and services. It plans a formal product launch next year.

RFID enables companies to track individual items or vehicles, store additional data and scan multiple items at one time. The technology is used in payment systems such as the Oyster card for the London Underground and by major retailers, including Asda-owner Wal-Mart, to monitor their supply chains.

Traak said the 100,000 funding from Perth-based Braveheart would enable it to complete the development of its core technology and "explore partnering or licensing opportunities" ahead of the product launch. The software Traak is developing is designed to filter out unwanted noise and provide more manageable and efficient processing of raw RFID data. RFID tag demand is projected to grow from $300 million in 2004 to $3bn by 2009.