LynQ Technologies Closes $6 Million Seed Round
Rapidly growing deep-tech startup, LynQ Technologies is celebrating a major milestone today. The Brooklyn-based company closed a $6 million seed round following a presale campaign on Indiegogo that exceeded $1.7 million for the company’s flagship “people compass.” The round includes the participation of ff Venture Capital, Sony Innovation Fund, Chetrit Ventures, and Plus Eight Equity Partners. LynQ plans to use these funds to grow its team and proprietary network architecture.
“In the year ahead, we’ll be focused on increasing the size of our team and further developing scalable opportunities around our core technology,” says Dave Shor, founder and CEO of LynQ Technologies.
The LynQ device, which is now commercially available, uses a decentralized, private, and flexible network protocol to change how low-bandwidth data is transmitted. The hourglass shaped LynQ Finder clips on to a person’s belt loop or backpack while another LynQ device helps locate that person, even in areas that are out of cell phone range. This technology provides an added sense of safety for potentially dangerous activities like snow sports, travel, and hiking, as well as regular activities that involve large crowds like concerts or major events.
LynQ Technologies boasts the device’s intuit tracking capabilities that don’t rely on smartphones, Wi-Fi, apps, networks, or maps. The LynQ Finder is entirely weatherproof with a range of up to three miles and a battery of up to three days. After an exercise between the U.S. and Thai governments, U.S. Pacific Command (PACOM) published a formal report stating that the use of LynQ reduced the time spent locating wounded and unconscious soldiers by 61%. This experiment helped demonstrate LynQ’s vast potential across commercial, industrial, and government applications.
“We believe that this peer-to-peer network technology is critical to provide robust, long-range, secure communications in a world where infrastructure might be challenged or not available. It is also a key part of the IOT stack as we look to link up the world. The LynQ team is world-class, and we are proud to be backing the company at this stage," says John Frankel, Partner at ff Venture Capital and member of the company’s board of directors. Also on the board is Dealerscope’s 2019 Powerful Women in Consumer Technology inductee and LynQ president, Karina Costa.