LocatorX Closes Fundraising Round at USD 6.6 Million

By CIOReview | Tuesday, April 14, 2020

LocatorX technology allows brands and customers to access an item's current location and audit trail from its origin, protecting against theft, counterfeiting, and product diversion while increasing consumer engagement with manufacturers

Fremont, CA: Tracking technology service provider LocatorX raised USD 6.6 million in a round of fundraising. The company, which provides accurate, inexpensive, and flexible tracking technology to companies across a variety of industries, raised the amount over the past year to support continued product development and expansion of operations in both sales and marketing. Besides, the Atlanta-based company announced the appointment of former UPS CFO Kurt Kuehn to its board of directors.

"Tracking and anti-counterfeiting technology have never been more important than in our current global environment," said Scott Fletcher, president, and CEO, LocatorX. "The pandemic has created additional demand for location capabilities due to disruptions in the supply chain and a greater need for product authentication and tracking for healthcare equipment." LocatorX technology allows brands and customers to access an item's current location and audit trail from its origin, protecting against theft, counterfeiting, and product diversion while increasing consumer engagement with manufacturers. "Kurt Kuehn is a phenomenal addition to our board of directors," added Fletcher. "His unparalleled supply chain expertise and tenure as a leader at UPS will have a huge impact on the work we're doing at LocatorX."

Recently, Kurt served as the Chief Financial Officer at UPS for eight years, capping a 38-year career at the multinational package delivery and supply chain management company. Before this, he was the SVP of Sales and Marketing and was also UPS's first VP of Investor Relations, taking the company public in 1999-the largest IPO of the 20th century.

"LocatorX technology can help provide peace of mind to companies in an uncertain environment," said Kuehn. "The ability to provide visibility as to a product's journey through the supply chain-particularly who has touched it and when-will only become more important in the months and years to come." Kuehn is currently on the boards of NCR and Henry Schein, serving as an audit committee chair for both companies.