PFLUGERVILLE, Texas, June 13, 2014 /PRNewswire/ -- TrackingPoint™, creator of the world's first Precision Guided Firearm (PGF) system, today announced its Series D financing round with a total subscription amount of $29 million in capital investment. The round, comprised primarily of institutional funding, was led by Genesis Inventions LP and McHale Labs LLC with Austin Ventures, Goff Capital Inc and a number of super angels. Several angels involved with the round were customers inspired to participate in TrackingPoint's future.
TrackingPoint will use its new capital resources to expand its market making and product development activities, diversifying and building its line of PGFs and related platforms. In doing so, it intends to enter new industry segments and further establish itself as the provider of the most accurate and reliable firearm technologies in the world.
"TrackingPoint is changing the firearm industry. This is a remarkable and exciting position to be in—one that is capturing the imagination of customers from every corner of the shooting sports and defense marketplaces. The strong investment we've attracted validates what we're doing," said John Lupher, TrackingPoint CEO. "Our commitment is to use these new funds to advance the potential of Precision Guided Firearms technology to the fullest."
TrackingPoint's PGFs are changing real-world marksmanship by enabling a shooter to track and hit moving targets at extreme ranges by first "tagging" the target with a red dot. The tag persists on the target, regardless of relative movement. Once the PGF reticle aligns with the tag, the system calculates an exact firing solution factoring in range, wind, target velocity, shot angle, rifle cant, temperature, barometric pressure and other factors.
TrackingPoint PGF rifles are priced beginning at $9,995 and are available for consumer purchase by application only. To learn more, go to www.tracking-point.com.
TrackingPoint (www.tracking-point.com) is an Austin, Texas-based technology company specializing in integrating advanced technology into battle-proven firearms. TrackingPoint PGFs use jet fighter lock and launch technology to ensure small arm accuracy at great distances. Available now, TrackingPoint's AR series and long-range bolt-action rifles enable even novice shooters to hit targets with pinpoint accuracy out to 1200 yards. TrackingPoint has shipped hundreds of PGFs to hunters and sport shooters around the country.