ATLANTA, April 07, 2020 (GLOBE NEWSWIRE) -- LocatorX, which provides accurate, inexpensive, and flexible tracking technology to companies across a variety of industries, today announced the close of its most recent round of fundraising, raising $6.6M over the past year to support continued product development and expansion of operations in both sales and marketing. In addition, the Atlanta-based company announced the appointment of former UPS CFO Kurt Kuehn to its board of directors.
LocatorX technology enables brands and consumers 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.
“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.”
“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.”
Kurt Kuehn most recently served as the Chief Financial Officer at UPS for 8 years, capping a 38-year career at the multinational package delivery and supply chain management company. Prior to his CFO role, Kuehn 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. Since joining the company in 1977 his career also included roles in engineering, operations, planning, strategy and business analytics.
“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 audit committee chair for both companies.
Initially founded with technology discovered at the University of Oxford, LocatorX has patented new techniques such as a cutting-edge solid-state miniature atomic clock to track shipments precisely. With innovative cryptographic technologies, along with flexible and portable tracking options, LocatorX empowers clients to overcome common supply chain obstacles and support greater engagement with their own customers.
For more information, please visit www.locatorx.com.
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Will Haraway
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c2ef7763-49ce-4118-a581-4cc181389b1e