19 May 2022
Carey Olsen advises tech startup Tractian in US$15m Series A funding round
Carey Olsen's corporate team in the Cayman Islands has advised Tractian, a machine intelligence startup focused on advanced industrial monitoring systems, on its US$15 million Series A funding round.
Founded in 2019, Tractian has developed streamlined hardware-software solutions designed to give maintenance technicians and decision makers comprehensive oversight of their operations with the aid of sophisticated monitoring and analytics.
Tractian will use its Series A funding, which was led by venture capital firm Next47 along with participation from Y Combinator and others, to consolidate its position in the global market by extending operations to Mexico and the US and continuing the development of its industry-leading products.
The Carey Olsen team advising Tractian on the Cayman law aspects of the Series A was led by partner Alistair Russell, assisted by associate Trevor McCabe. Onshore counsel was Carvalho Magalhães Advogado.
Alistair said: "The Latam region continues to produce exciting young technology startups and Tractian with its range of innovative and dynamic monitoring platforms is no different. It is always a pleasure to help companies like this achieve their goals so that they can continue with the vision they have for their products and solutions."
Traction currently serves large multinational brands such as Bosch, Embraer, Hyundai, John Deere, and Kärcher. In January, the company announced its expansion to North America, opening a new office in Mexico with a team dedicated to developing the company's business there. It plans to follow up with a market entry in the US later this year.