AUSTIN, Texas, Oct. 17, 2013 /PRNewswire/ -- Mach 1 Development, Inc. ("Mach 1" or the "Company") announced today that it has closed $1 million in preferred stock funding. The funds were raised from an individual that actively invests in the digital security software industry and will complement the $500,000 in angel financing raised in February 2013.
The latest financing will be used to expand the capabilities of Mach 1's DocuTRACER®, a policy-driven solution that enables organizations to tag, track, and trace the real-time creation, movement, genealogy and chain-of-custody of digital documents. In addition, the Company will invest in the sales and marketing of DocuTRACER® to commercial and government customers.
Over the last year, Mach 1 has achieved several key milestones. The Company completed the development of inmateID™, a RFID-based system that provides corrections facilities with real-time monitoring and tracking of inmate movement, gang interactions, and the spread of communicable diseases within prisons. "This is a significant milestone for Mach 1 which validates the enormous potential of DocuTRACER®, inmateID™ and our other asset tracking solutions," said Paul Greene, CEO of Mach 1. "The investment will allow us to continue to scale the company for future growth by expanding our marketing efforts."
About Mach 1 Development, Inc.
Serving global commercial, military, and government since 2007, Mach 1 Development, Inc. is a veteran owned small business with deep expertise, skills, and experience in identity, security, communications, hardware, and materials. Mach 1 has designed and built a robust portfolio of intellectual property assets that it utilizes to develop off-the-shelf and custom solutions. Mach 1 has an extensive global network of technology alliances, as well as distribution and delivery partners, which enables it to provide solutions that meet the most challenging information, communication, and security needs of its customers.
For more information, please contact Paul Greene at firstname.lastname@example.org or call 877.222.2968.
SOURCE Mach 1 Development, Inc.