TrackingPoint Raises $29 Million in Venture Round Funding
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TrackingPoint continues to combine elements of the tech industry with the firearms industry. The company known for making one of the most advanced rifle systems to date has now raised $29 million in venture round funding.
When someone hears talk about venture funding and angel investors they probably think about the latest mobile app startup or an innovative piece of software, not a gun company.
However, that’s one of the ways that TrackingPoint is setting itself apart from other gun companies. TP has shown that they have just as much in common with a silicon valley startup as a custom gun shop.
According to the Wall Street Journal,
Founded in 2011, TrackingPoint began selling firearms in 2013 and sold between 500 and 1,000 units last year. The startup says it expects to sell several thousand in 2014.
TrackingPoint, which raised $5.9 million in 2011, is one of the few weapons/ammunition companies that has received venture funding in recent years. Genesis Inventions and existing investor McHale Labs led the new funding round, with previous investor Austin Ventures and new investor GTP Holdings participating, along with angel investors. Austin Ventures did not respond to a request for comment.
Chief Executive John Lupher indicated some investors may want to keep a low profile given the intense feelings many have about gun ownership and use.
“Guns are a polarizing issue. There are people who fall strong on the Second Amendment rights and others that fall on the other side,” Mr. Lupher said. “It is clear we’re selling guns and that this is our current product offering. Our technology goes beyond this though.”
TrackingPoint has yet to secure the huge military contract they are likely hoping for, but with this most recent round of funding it’s much more likely they will be able to compete with larger companies for military dollars. In my opinion, this system, that allows shooters to reach out past 1,000 yards with only basic training, would be a welcome addition to the battlefield. However, as with all military hardware, long and expensive testing and product revisions will have to happen before any contracts are awarded.
As of right now, TrackingPoint is primarily marketing their rifles to big game hunters, who may only get 1 shot on their intended target during an entire hunting season.