UT Dallas startup, TraceIT, scores huge strategic investment
TraceIT, a student startup from The University of Texas at Dallas, has secured $500,000 investment that values the company at $2 million. The investment, from a strategic industry investor, will allow the startup to more aggressive focus on the sales aspect of the TraceIT platform, to develop federally mandated Hours of Service Electronic Driver Logging (EDL), and to build out a brokered aggregate marketplace platform.
TraceIT is an innovative tracking platform that makes tracking drivers and their loads easy, regardless of where they are. The platform eliminates the need to call to “check in” on their drivers and is a complete solution for dispatching, securing documents, automated location updates, delay management, and when there is a need to dispute cargo damage.
This affordable solution is easily loaded onto driver’s iPhone or Android smart phone devices offering drivers information about the job, the ability to accept the job, and all assignment information in an easy to use interface. The app includes turn-by-turn directions, contact information regarding the final location of the load, and a two-way messaging service.
Will White and Kiran Devaprasad, the team behind TraceIT, met while studying at the UT Dallas in the dual Executive MBA/MS in Information and Entrepreneurship degrees. The team competed in the 2015 edition of UT Dallas’ “Shark Tank” Business Idea Competition coming in first place and winning a $5,000 prize. TraceIT then applied for, and was accepted into, the Startup Launch course, earning another $25,000 in seed money and office space at Venture Development Center, the UT Dallas’ incubation space.
Over the course of the last year White and Devaprasad have teamed up with the team at Blackstone LaunchPad, the new UT Dallas campus-based entrepreneurship program gaining the support of Director Bryan Chambers, due to their willingness to address the challenges the team has faced with the TraceIT platform. With mentorship, community, online tools, and access to many resources, Blackstone LaunchPad is helping to set up the team at TraceIT for a successful launch.