Queralt Inc. Receives Pre-Seed Financing
Software developer offers application for real-time monitoring of physical assets and people
Rocky Hill, Conn., December 1, 2011 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology-based economic development, today announced that it has committed $150,000 in financing to Queralt Inc. of North Haven, Conn., through its Pre-Seed Fund. Queralt will use the financing to hire key employees as well as secure assistance in developing certain business and technology strategies. The company has secured required matching funds from institutional investors.
Queralt is a leading developer of cloud-based applications for real-time monitoring and management of physical assets and people. The company’s iQ3 technology also enables users to actively track and monitor the environmental conditions in which they operate and work. The system works in a multitude of settings with a wide range of asset types. iQ3 systems have been installed in healthcare and medical facilities, corporate offices, manufacturing facilities, schools and government agencies.
Queralt is currently engaged in an asset tracking project for City of New Haven Public Schools. The company will install a system to monitor and control PC assets throughout the city’s network of elementary, middle and high schools. The goal of the project is to provide school administration with up-to-the-minute information on all computer assets in the school system, assure asset security, improve asset utilization and monitor operating conditions in server and wiring closets.
“The world is exploding in its use of the Internet,” said Michael Queralt, co-founder and president of Queralt Inc. “and our clients have been able to harness its power to help them better manage their assets. Whether it’s the New Haven Public Schools managing their PCs or Matheson Gas managing gas cylinders, our iQ3 system provides support to manage these assets using a unique technology that requires neither physical proximity nor scanning devices.” Queralt continued, “Our cutting-edge, cloud-based solution frees up organizations to focus on their broader business and organizational goals.”
“We are excited to support Queralt’s experienced team in developing an innovative cloud-based asset- and people-tracking platform,” said Charlie Moret, CI managing director, business development. “Queralt’s iQ3 technology can receive input from any data source and take real-time actions. Its potential customers range from school districts looking to track their electronic assets, to industrial companies looking to better manage logistics, and security companies handling high-value assets.”
CI’s Pre-Seed Fund supports the formation of new Connecticut technology companies. The fund provides loans of up to $150,000 to Connecticut-based startup and early-stage technology companies. Funding may be used for a wide range of startup expenses such as accounting, legal, intellectual property development, technology and prototype development, business plan development, technology assessments, market analyses, market entry strategy development and hiring of advisors and employees. CI’s team also provides mentoring and will help coordinate access to resources.
The Pre-Seed Fund is an important component of the state’s high-tech economic development engine, as it provides an avenue for initial startup funding for companies and entrepreneurs emerging from universities. The fund complements other existing technology startup resources like the CTech business incubators, the Connecticut Angel Investor Tax Credit (which stimulates private investments in early-stage companies) and private capital resources.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in early-stage Connecticut technology companies, university/industry research collaborations and technology transfer and collaborating with government, business, nonprofit and academic organizations to advance technology growth and promote public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
About Queralt Inc.
Queralt Inc. is a privately held software development company located in North Haven, Conn., that has a growing list of customers in the industrial, financial, security, manufacturing and service industries, as well as in healthcare, educational and governmental organizations. For further information on Queralt Inc., please visit www.QueraltInc.com.