RailComm Secures Additional Funding to Support Rapid Growth of the Company
Follows the Appointment Last Year of Software Industry Veteran as CEO
FAIRPORT, N.Y., May 1, 2014-- RailComm, the leader in smart rail automation solutions, announced today that the organization has completed a Series B round of financing from Schooner Capital. The new funding will enable RailComm to continue to expand both its sales and marketing efforts as well as the innovation of new products and services.
RailComm prepared for the company's expansion with the announcement late last year of the appointment of Joe Forgione, a technology industry veteran, as President and CEO.
There is a major trend in the railroad industry for large Class 1 freight providers, regional and short line railroads, and transit agencies to use new technology to control and automate their infrastructure for greater operational efficiency. This includes the use of advanced wireless and internet communications, as well as the monitoring, collection, and analysis of data about a variety of railroad assets.
"We are pleased that our lead investor had the confidence in RailCommís market opportunity, new leading edge technology products, and management team to increase their financial support. This will enable us to aggressively move forward to grow the company with enhanced marketing and sales efforts," said Forgione. "We are uniquely positioned with our impressive installed base to ride the huge wave of automation that will be taking place in the railroad industry over the next five years."
"Over the past few years RailComm has quietly built an impressive portfolio of solutions and customers, including all of the top Class 1 freight companies as well as numerous transit agencies. It is now poised to exploit the accelerating industry trends with significant growth and we are pleased to provide fuel to that effort," said Peter Binas, Managing Director, Schooner Capital.
RailComm provides railroads with software-based solutions that are focused on train control and railroad management. Our state-of-the-art solutions automate an ever-expanding network of connected devices that generate real-time information which we then collect and analyze to coordinate and optimize the rail infrastructure. Our software solutions can be deployed on-site, or through an industry leading cloud/SaaS program. RailCommís solutions are installed on Class I railroads throughout North America, as well as on many Passenger Rail, Short Line, and Regional railroads. Our solutions have been instrumental in providing sustainable operating efficiencies and safety performance around the globe. To learn more, visit www.railcomm.com.
About Schooner Capital
Founded in 1971, Schooner Capital LLC is a private investment firm located in downtown Boston. Schooner has no outside limited partners and approaches all investments with a long-term perspective. Areas of concentration are growth equity investments, alternative assets, and public securities.
Paola Realpozo, 585-377-3360
Venture Capital Database