"The finance and support from The North West Fund is allowing us to grow our business as we had hoped...making Loksys Solutions a truly global business."
 
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Customs Authority chooses Loksys Solutions to help track transit cargo

Fund: Venture Capital

One of the world's leading trade inspection, security and certification companies, Cotecna del Ecuador, has adopted the Manchester-based Loksys Solutions Trakalok device to monitor movement of freight containers between Ecuadorian ports, warehouses and Free Zones...

Loksys Solutions Ltd, which is based in Trafford Park, has developed an innovative system for securing freight containers, Trakalok. The system combines a tamper-proof lock with a GPS tracking system enabling containers to be securely locked and monitored throughout their journey.

The business was set up by experienced entrepreneurial brothers Simon and Ian McDermott, who earlier this year, secured a £500,000 investment from The North West Fund for Venture Capital, managed by Enterprise Ventures.

The investment is allowing the company to develop the product further, increase sales and marketing activities and recruit additional staff. On the formation of the company there were four members of staff, this has now increased to eight with plans in place to recruit a further three during the rest of the year. All of this is helping to grow worldwide interest in the innovative product.

Following a change in Ecuadorian customs law it is now mandatory that containers entering the country for customs clearance at places other than at the port of entry must have a satellite device fitted while they are transported to their final destination.

Given this fact, Cotecna del Ecuador required a system which would guarantee the integrity of each container - Trakalok proved to be the ideal solution. The success of the Trakalok initiative in Ecuador was recently confirmed in a letter from the Customs Authority Deputy General Manager Operations to the General Manager of Cotecna del Ecuador, where he confirmed the effectiveness of Trakalok as a tool in reducing tax evasion and smuggling.

The Loksys Solutions Trakalok device seems to provide an excellent solution for Customs Authorities across the world. Commenting on Trakalok Simon McDermott said, "The Trakalok device offers complete supply chain visibility as it is able to monitor the movement of a container be it on land or the high seas. If at any time during its journey anyone attempts to interfere with the container or it deviates from its prescribed route, an alert can be generated and sent to the relevant team by email, text or phone."

"The finance and support from The North West Fund is allowing us to grow our business as we had hoped. The Trakalok device can now be found monitoring cargo movements in literally all four corners of the world, and is making Loksys Solutions a truly global business." 

Doug Stellman, Investment Director for The North West Fund for Venture Capital, 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 are continually impressed with the company's commitment to innovation, the progress the company has made in developing the Trakalok system and its success in securing global customers is testament to that." 

 

For more information about how you may be able to access funding for your new business please visit /funds/venture-capital





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