The state's quasi-public technology investment agency has invested
$500,000 in a 4-year-old Woodbury company that uses global positioning system
(GPS) technology to help commercial financial institutions fight theft.
The money from Connecticut Innovations will be used to help Tactical Awareness Beacon Systems develop and roll out its initial product, ShadowCash. Although there are other GPS technologies on the market designed to aid in the recovery of stolen money, Tactical Awareness Beacon Systems officials say ShadowCash is smaller, more reliable and less expensive.
The product includes a GPS tracking device that can be hidden in a stack of bills stored in a bank teller's drawer. When the stack containing the device is removed from the cash register, it automatically begins sending a silent alarm through cellular signals every five to 10 seconds. Those signals enable police, the company and its client to view the escape route of the thief in real time.
"We are pleased to support the launch of TABS' initial product with this financing and are excited by the diverse array of potential future applications for the company's technology," Claire Leonardi, chief executive officer and executive director of CI, said in a statement. "This is precisely the type of growing high-tech venture that the Malloy administration wishes to encourage and support here in Connecticut."
Tactical Awareness Beacon Systems Chief Executive Officer and Co-Founder Dean Sarjeant said CI' expertise and backing will help the company be successful in achieving its goals.
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