Evansville-based Quarion Technology says it has raised enough seed funding to grow its team and increase marketing efforts. The company raised $700,000 from several investors, including Indianapolis-based Elevate Ventures.
President and Chief Executive Officer Aric Pryor says the company has used the funding to hire two employees, with one in operations and the other in software. The company will also increase marketing for its real-time location system designed to track forklifts indoors.
Pryor credits Elevate Ventures’ Entrepreneur-in-Residence Eric Steele for his guidance and funding.
“Eric Steele and Elevate have been great resources for me for the past year and a half and I am excited that they played a major role in my first funding round,” Pryor said. “This funding is going to allow us to further develop our data and cloud platform as well as increase our focus on marketing. I’m really looking forward to 2020 and beyond.”
A partnership between Elevate Ventures and the Economic Development Coalition of Southwest Indiana supports Quarion with a long term goal of developing infrastructure in the southwest Indiana region.