JumpStart Inc., the Northeast Ohio venture development organization that accelerates the growth of innovative early-stage businesses and ideas, recently announced an investment commitment of $400,000 in InSeT Systems LLC, which is developing real-time tracking and communications systems for underground mines.
The company’s patented technology utilizes inertial navigation to track both people and equipment in underground mines. Inertial navigation systems (INSs) consist of accelerometers, gyroscopes, miniature sensors, and computers that measure changes in geographic position, velocity, and orientation. Unlike tracking systems currently used in underground mines, INSs require no external references in order to determine position, orientation or velocity after initialization.
“The signing of the 2006 MINER Act set various safety protocols for underground mines, one of which is the implementation of wireless two-way communications and electronic tracking systems by June 2009. This presents an immediate demand for InSeT’s product,” said Lee Poseidon, the Jumpstart Entrepreneur-in-Residence who will be working with the company. “And with the proven tracking technology of inertial navigation, InSeT’s technology has the potential to be the most accurate underground tracking system available,” Poseidon concluded.
InSeT, which is currently located in Strasburg, Ohio, will soon be housed at the Akron Global Business Accelerator, which is home to many high-growth startup businesses, including JumpStart portfolio companies Knotice Ltd. and reXorce Thermionics, Inc.
“The InSeT team is excited to join the JumpStart portfolio. With this funding we can accelerate the development of our inertial tracking system and begin to install systems in working mines,” said J. Jay Breeding, InSeT’s Chief Operating Officer. “Our system can mean the difference between miners not being located after an accident or being rescued and coming home to their families.”
This is JumpStart’s 38th investment in its 27th company. Other companies in JumpStart’s portfolio include Ayalogic, Banyan Technology, Inspiron Logistics, Knotice, PreEmptive Solutions, and Telerad Express.
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About InSeT Systems LLC
InSeT Systems LLC is dedicated to commercializing an inertial tracking system for underground mines. The patented system will provide a number of operational improvements that allow it to pay for itself while meeting the requirements of the Federal MINER Act of 2006. The inertial devices have numerous other applications for mapping and tracking that will be pursued after the underground mining market segment has been addressed. InSeT’s system is superior to competing systems currently in use, which are based on RFID technology and are accurate to within 500 to 1,500 feet. The InSeT Systems device communicates a precise location several times per second and is accurate within a radius of 10 feet. This precision is fundamental to InSeT’s mission, which is to help underground miners go home safely to their families each night.
About JumpStart Inc.
JumpStart (www.jumpstartinc.org) accelerates the growth of innovative early-stage businesses and ideas into venture-ready companies by delivering vital, focused resources to entrepreneurs and the community of Northeast Ohio. JumpStart identifies and invests in early-stage companies that have strong potential in the marketplace, solid prospects for high growth, and are likely to qualify for later-stage funding. Beyond investing, the JumpStart team provides a continuum of business development services to its client companies to help ensure their success.