It might not be a competitor of the Pebble smartwatch or Google Glass, but another wearable tech item got a big boost this week.
A Montreal area-based startup that makes a GPS-locating watch has raised $1 million in angel funding from a group of 12 angels as well as the Anges Quebec Capital Fund.
iLoc Technologies is based in Pointe Claire, a suburb of Montreal based in the “West Island”, and developed the TRiLOC GPS locator, a personal locator that resembles a wristwatch, and can be used to accurately locate the person wearing it in real time. It offers peace of mind to informal and professional caregivers that watch over vulnerable people who need increased monitoring.
iLoc Technologies president Tony Fama said the team recently won the Providers’ Choice Award for its locator at the Medtrade conference held in Orlando, Florida.“We received a very promising and encouraging reception by American homecare professionals,” said Fama. “The angels helped us to expand our horizons and launch our product on a North American scale.”
Other practical features for the watch include fall detection alert, over speed alert, SOS button and two-way voice.
Anges Quebec Capital Fund, a subsidiary of Anges Quebec, was formed in 2012 with a $20 million investment from the government of Quebec and $10M from the angels within Anges Quebec. It’s dedicated to innovative Quebec businesses in the startup phase.
Meanwhile the larger mother-group, Anges Quebec, is a network of 130 private investors that identifies, finances and coaches innovative Quebec enterprises with high growth potential. Thus far, Anges Québec members have invested and reinvested in 31 promising businesses in the seed and startup phases.
“We invested in a great Montreal team that was able to develop an innovative, technologically advanced product specially designed to help patients and their families. The TRiLOC™ bracelet offers greater mobility and security to an entire portion of the population most at risk,” said angel investor Jean-François Grenon.