Greenbelt, MD – TRX Systems was awarded a $500,000 grant sponsored by the U.S. Government for winning the 3rd annual Global Security Challenge (GSC). Six security startups, chosen out of hundreds of entrants, pitched their inventions at an event hosted by London Business School. A Judging Committee comprised of leaders from government, venture capital and industry selected TRX Systems as this year’s most promising security startup in the world.
TRX Systems is a leading innovator in the development of personnel tracking solutions. The company created an advanced personal tracking system that provides first responders with accurate and real-time locations of individuals deployed inside a building. TRX’s technology is self-contained, requires no pre-installed infrastructure and can create virtual floor plans in realtime. (www.trxsystems.com )
Jeff David, the Deputy Director of TSWG at the U.S. Department of Defense and Chairman of the GSC Judging Committee said: “Disruptive technology is the key to staying ahead of international threats to our airports, enterprises and infrastructure. The Global Security Challenge is so important because it reaches the new, small, non-traditional players that so frequently drive innovations. We are proud to sponsor the award for the GSC winner because the GSC is an effective launching pad for security entrepreneurs."
Before coming to London, the six finalists had already made it through two rounds of judging. The last of which were regional competitions held in Washington DC, Singapore and Brussels. The directors of the GSC, Simon Schneider and Janeen Chupa, commented: “The entrepreneurial companies that pitched in the GSC Final are all winners as they were selected from hundreds of applicants and already went through three stages of screening. The GSC has become an effective launching pad for security start-ups, as our top contenders from the previous two finals multiplied TSWG’s $500,000 into over 40 million Dollars in needed investments.
According to our research, over 500 million Dollars have been invested in security start-ups by venture capitalists from around the world so far in 2008, indicating the continued need for innovation in this sector and hence the strength of this market.”
Upon winning the GSC TRX Systems CEO Dr. Carole Teolis, stated, “We were honored to be selected among several impressive companies in this year’s GSC. The competition process has been incredibly valuable to our team and we are grateful to the GSC and TSWG.”
About TRX Systems
TRX Systems, Inc., a high technology Maryland corporation, is a leading innovator in the development of personnel tracking solutions. TRX’s products include a comprehensive tracking for first responders. The Company also provides advanced R&D services to US Government agencies. TRX Systems is headquartered in Greenbelt, Maryland and is privately held. For additional information visit TRX’s web site: www.trxsystems.com
About Global Security Challenge LLP
Global Security Challenge LLP (GSC) is a central hub for security innovators, startups and investors. GSC runs the leading international business plan competition to find and select the most promising security technology startups in the world. It was established in 2006 by London Business School students to empower entrepreneurs in the homeland security technology space. The mission of the GSC is to stimulate technological innovations that make airports, cities and enterprises safer without encroaching on civil liberties. The GSC is supported by Accenture, BAE Systems, ONR Global, PegasusBridge Fund Management, Smiths Detection, TSWG, and the US Department of Homeland Security, amongst others. The partner universities of the GSC are the University of Maryland, National University of Singapore, University of Kent and London Business School. More details are available at www.globalsecuritychallenge.com.
CONTACT: Karina Drees
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TRX Systems, Inc., sells personnel tracking and mobile information solutions based on mobile mesh sensor networks and advanced analytic software. The solution protects the lives of first responders and improve operations in high-risk environments.