he Red Bank-based company will use the $50,000 it recently received for winning the New Jersey Economic Development Authority’s (EDA’s) inaugural New Jersey Founders & Funders All-Stars pitch competition to ramp up development of its next-generation tracking devices.
New Jersey Founders & Funders directly connects entrepreneurs with multiple investors in a speed-dating environment. LugTrack was one of 20 companies selected by an independent panel to participate in the one-on-one sessions with investors at the All-Stars event in December 2017. LugTrack’s award of up to $50,000 comes in the form of a forgivable loan, presented on the condition that the recipient receive a minimum 1:1 matching of outside, third-party investor equity in the year following attendance at the event.
During her five-minute New Jersey Founders & Funders All-Stars pitch, LugTrack Chief Financial Officer Denise Brouder discussed her company’s successful global launch of its Intelligent Luggage Tracking Solution. It includes a smart device that can be tucked into a traveler’s bag, and uses LugTrack’s patented GPS tracking, cellular and Wifi technologies to enable travelers to check the whereabouts of their luggage in real time via their smartphones.
LugTrack intends to provide greater data visibility and business intelligence to their enterprise customers through improved asset tracking and big data analytics. The company will continue to support businesses of all sizes with what it describes as “best in class” hardware and software technologies. Brouder noted that LugTrack’s next generation solution will further expand the company’s presence in its established travel and lifestyle vertical by offering broader product choices for the consumers.
The closing of the EDA’s funding coincides with the arrival of seasoned telecommunications and cyber security executive Adnan Qadeer as LugTrack’s new President & CEO. Qadeer brings more than a decade worth of experience at Lucent Technologies and Alcatel-Lucent, where he led the financial and operations management for various manufacturing, sales, and services business divisions. Most recently, Qadeer served as Co-Founder & CEO for Allweb Technologies, providing a unique biometrics-based online identity authentication platform for financial and healthcare industries.
“It’s an exciting time for LugTrack and we are grateful to the EDA for hosting New Jersey Founders & Funders All-Stars and to the investors for their votes of confidence,” Qadeer said. “The funding provided by the EDA enables us to be well-positioned as we take the next step in our company’s growth, expand into new markets and attract even more customers.”
For more information on LugTrack, visit the company’s website.
The next New Jersey Founders & Funders is slated for Fall 2018. For more information or to apply to attend an upcoming event, visit the EDA’s website.
To learn about the multitude of resources available to help technology and life sciences companies thrive, visit http://www.njeda.com/tls and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.