The Oakland University business incubator, OU INCubator, is getting some respect now that one of its clients, iTrack, is in line for some large tax breaks from the state.
DC Equities decided to create iTrack to help further its development of LPTS (Local Positioning and Tracking System) system. The system allows first responders to rapidly construct a network capable of providing positioning for autonomous robotic vehicles and personnel tracking.
The partnership plans to invest $700,000 into the project and will receive a $210,000 state tax credit. The investment is expected to create 35 jobs and keep the start-up in Oakland County.
“The tax incentive facilitate the investment,” says Jerry Atkinson, CEO of iTrack.
The investment allows iTrack to finish the development of its technology, which is expect to happen in 2010. Atkinson says most of the job creation will take place at the end of next year when the product hits the market.
DC Equities, also known as Grindstone Capital, is an investment entity specializing in high-tech companies. It has a stake in Royal Oak Industries, a 350-person company (250 employed in Michigan) which supplies precision machine components and sub-assemblies for everything from heavy truck to high-performance engines.
Source: Jerry Atkinson, CEO of iTrack
Writer: Jon Zemke