InSeT wins $790K in state backing to track miners
InSeT Systems, developer of a tracking system to be used in underground mining, received a $792,750 loan from the state of Ohio via the Innovation Ohio Loan Fund for further expansion. The Akron-based company plans to use the money for software development and to acquire necessary equipment to construct a demo system.
If the demo gets a stamp of approval from the Federal Mine Safety and Health Administration, InSeT plans to roll out commercial systems by early 2009. The pricetag on this project is about $1 million. Miners using the system wear a small portable device that connects with a central computer, reports VentureWire. That way, if a collapse or some other immobilizing disaster occurs, those on the surface will be able to pinpoint the positions of colleagues trapped underground and shave valuable time off of what are usually tough rescue efforts.
In April, InSeT received $400,000 in funding from JumpStart, Northeast Ohio’s venture development organization.
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