GAINESVILLE, VA, October 13, 2022 – TRAXyL, Inc., an industry disrupter in the optical fiber installation industry,
today announced the closing of an oversubscribed $5 million series seed funding round led by Draper
Associates, a global venture capital firm investing in industry transforming companies. TRAXyL expects to use the
net proceeds of its financing to further develop its minimally-disruptive fiber-optic installation technology,
manufacture additional installation equipment to meet customer demand, and grow its team.
In addition to closing its seed round, TRAXyL also announced a strategic investment and product development
agreement with In-Q-Tel, Inc., the non-profit strategic investor that identifies cutting-edge technologies to
advance and enhance the national security capabilities for the U.S. and its allies. This agreement will accelerate
the development of TRAXyL’s next generation, flush-mount fiber optic installation technology.
“We are excited to announce that we have closed a $5 million seed round led by Draper Associates, with
additional support from Felton Group LLC, Industrious Ventures, 1862 Capital, Precursor Ventures, Ring
Ventures (an Alumni Ventures Fund), Capital Factory, and angel investors,” said Daniel Turner, Co-Founder and
CEO of TRAXyL. Stephen Carter, Co-Founder and COO, added: “The dedicated support of such a high caliber
group of investors also enabled TRAXyL to receive a strategic investment from In-Q-Tel, and to apply for
additional non-dilutive funding from the U.S. Air Force AFWERX program and the National Science Foundation
SBIR Phase IIB program. IQT’s strategic investment in the company will enable TRAXyL to further develop
FiberTRAX, our “painted” fiber installation capability, which will greatly expand the use case of our product
offering.” Daniel Turner continued, “We are very excited to be partnered with each of our investors as we move
forward to deliver highspeed communications to the most underserved and hardest-to-reach areas. We are now
in overdrive mode to build upon our existing technology and hire the best and brightest in operations, sales, and
technical disciplines.”
“At Draper Associates, we support and grow companies that are transformative in their respective industries,”
said Tim Draper, Founding Partner of Draper Associates. “TRAXyL’s ability to quickly and efficiently install high
speed communication links in a minimally disruptive manner creates an opportunity to transform the
telecommunications and construction industries and to connect the hardest to reach areas of our cities, nations,
and planet with first-class, high speed communication lines. We are thrilled to promote the growth of this team
and the further roll-out of this exciting technology.”
Lewis Ringelman P.C., based in Denver, Colorado, served as legal counsel to TRAXyL in each of these
transactions.
About TRAXyL
Headquartered in Gainesville, Virginia, TRAXyL has developed a new technique for installing optical fiber.
TRAXyL’s patented FiberTRAX technology provides a minimally disruptive method of installing industry-leading
high speed fiber optic communication lines directly onto paved surfaces, encased in low profile durable
protective coatings. This technology has been proven to reduce lead times, installation and maintenance costs,
and disruptions to surrounding areas, in connection with the installation of new fiber optic lines. FiberTRAX isinstalled using a TRAXyL-developed TRAXtor machine, which is operated by TRAXyL personnel or leased to
authorized distributors and installers. Please visit www.traxyl.com for more information.
About Draper Associates
Founded in 1985 by Tim Draper, Draper Associates is the leader in early-stage venture capital that continues to
invest in technology companies that show exceptional promise. The firm’s investments have included Coinbase,
Baidu, Tesla, Skype, SpaceX, Twitch, Hotmail, Focus Media, Robinhood, Carta, and other industry unicorns at the
early stage. Draper Associates has built a reputation for encouraging entrepreneurs to drive their businesses to
greatness, to transform industries with new technologies, and to build platforms for extraordinary growth, jobs
and wealth creation. To learn more, visit www.draper.vc.
About In-Q-Tel
In-Q-Tel is the not-for-profit, strategic investor that serves the national security interests of the U.S. intelligence
and national security community and its allies, providing the most sophisticated source of strategic technical
knowledge and capabilities. For more information, visit www.iqt.org.
TRAXyL Press Contact
Daniel Turner | Co-Founder & CEO
info@traxyl.com
SOURCE TRAXyL, Inc.
