RailComm announced May 1 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 RailComm’s 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.