NASHVILLE, TN — (Marketwired) — 04/29/15 — , a leading enterprise wearables solutions company that is reshaping industrial business processes and data capture, today announced it has closed its $1.9 million Series A funding round. IncWell LP II, an early-stage venture firm founded in 2013 by Tom LaSorda, formerly CEO of Chrysler Group LLC, was the lead investor. Existing investors, including Crestlight Venture and Selous Venture Society, participated in the round and were joined by new investors, including individual IncWell partners.
XOEye is in the final stages for completing its yearlong pilot program, which was a highly consultative and process-driven program that successfully yielded a number of significant customer orders. The company is fulfilling these initial orders and will be delivering commercially ready implementations to customers in early May. The funding will support the company–s accelerated preparations for full commercial availability of its wearable technology solutions for the industrial enterprise.
“The closing of the round is well-timed as we transition to full product commercialization,” said XOEye Technologies CEO, Aaron Salow. “Access to Tom LaSorda and the other partners at IncWell along with their expertise and insights is an invaluable part of the investment. Their guidance will be critical to our team as we refine and execute our growth strategy.”
“XOEye provides advanced technology and data analytics that will revolutionize the way industrial organizations and field service personnel in all sectors solve problems with technical support personnel, engineers and their customers. This advancement is amazing,” said Tom LaSorda, Founder and General Managing Partner, IncWell LLC. “We–re excited to be a partner in their continued success.”
XOEye is pioneering a renaissance in the way manufacturing, industrial and field service organizations operate with its industrial-grade wearable technology solutions. It combines wearable computing devices equipped with custom applications and cloud-based software for an end-to-end solution that delivers real-time communication and efficiency solutions for both employee and customer. Business processes including on-site service, training, sales, and auditing can now be supported remotely while improving productivity and service quality. Data and content, including live-streaming video and real-time two-way audio, can be communicated from the device and accessed through XOEye Vision , XOEye–s enterprise-grade, cloud hosted platform. For more information please visit .
IncWell is a private venture capital fund located in Birmingham, MI, founded by Tom LaSorda, the former CEO of Chrysler. IncWell offers seed funding, strategic partnerships and mentorship for U.S. and Canadian startup companies that present breakthrough or disruptive technologies backed by great leaders. The CEO and Managing Partner of the fund is Simon Boag. Other Limited Partners include Roger Penske, Chairman and CEO of Penske Corporation; Dieter Zetsche, Chairman of Daimler AG; John Melstrom, Partner at Fenner Melstrom & Dooling PLC; Stephen Polk, former CEO of R.L. Polk & Co.; and Wayne Sales, former CEO of Canadian Tire and SuperValu. There are 15 other additional key Limited Partners. Learn more or pitch us online at .
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