(Left: Photo pointing out a selection of the components of MRail’s technology. Courtesy of the Nebraska Angels.)
MRail, a Nebraska-based company developing technologies for the rail services sector, has obtained $500,000 in seed funding from members of the Nebraska Angels. The terms of the deal have been kept private.
In a press release yesterday from the Nebraska Angels, MRail co-founder Shane Farritor, PhD, was quoted to say that the partnership with the Nebraska Angels is an important milestone for the company. “Together, with the Nebraska Angels, we plan to continue our development efforts and to move the technology to the marketplace,” Farritor said.
MRail’s initial technology was developed by Farritor (left, photo from engineering.unl.edu) and Richard Arnold, PhD at the University of Nebraska–Lincoln. Their research was sponsored by the Federal Railroad Administration and has led to the development of a system for measuring vertical rail deflection that is an indicator of track stiffness and integrity.
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Lou Halperin, senior director at TeraMedica Healthcare Technology and member of the Nebraska Angels, provided a few comments on the funding:
We at the Nebraska Angels are pleased with our investment in MRail. We are excited by the prospects for MRail’s initial and follow-on technologies. In addition to Dr. Farritor’s research, we believe that there is a lot of potential in the additional technologies in the MRail patent portfolio invented by a team led by Dr. Joe Turner. We look forward to helping MRail develop its business.
Also to note, Farritor is also a founder of Virtual Incision Corporation, another Nebraska-based company that recently raised a round of funding. See our article: Virtual Incision Corporation completes $2M Series A financing.
