InSeT Systems Receives Funding from Innovation Ohio Loan Fund

Last update: 2:18 p.m. EDT Oct. 17, 2008

CLEVELAND, Oct 17, 2008 /PRNewswire via COMTEX/ -- InSeT Systems, LLC, an Akron, OH company that has developed an inertial sensor tracking system for use in the underground mining industry, was awarded a $792,750 loan from the Innovation Ohio Loan Fund. The fund was established by the Ohio Department of Development to help Ohio companies fund business expansion.

The loan from the State of Ohio will enable the company to pay for specific software development costs and machinery and equipment at the company's facility in the Akron Global Business Accelerator. InSeT plans to complete the development of the system, install a demonstration system, gain approval of the Federal Mine Safety and Health Administration (MSHA), and start commercial installations early next year. This $1 million project is expected to create more than 40 new jobs over three years.

InSeT Systems also received funding from JumpStart Inc., Northeast Ohio's venture development organization, in April 2008 and was recognized by Popular Science magazine as one of the Top Ten Inventions of 2008. The company secured their patent in July of this year.

"We are pleased to see the progress that the InSeT team is making to grow their business," said Lee Poseidon, the JumpStart Entrepreneur-in-Residence working with InSeT. "A loan from the Innovation Ohio Loan Fund is a great catalyst for technology entrepreneurs across the state who are working to commercialize their products and validates InSeT's solution in meeting this critical market need."

InSeT Systems, LLC ( www.insetsystems.com) is dedicated to commercializing an inertial tracking system for underground mines. InSeT's system consists of a small portable device worn by miners that communicates with a central computer. In the event of a collapse, the miners' most recent positions are known, significantly improving the effectiveness of rescue efforts. The system is superior to competing systems currently under development, which are based on RFID technology and accurate to 500 to 1,500 feet. InSeT Systems device communicates a precise location every few seconds and is accurate to a radius of 10 feet. This precision is fundamental to InSeT's mission, which is to help underground miners go home safely to their families each night. The patented system also provides a number of operational improvements that allow it to pay for itself while meeting the requirements of the Federal MINER Act of 2006.

SOURCE InSeT Systems, LLC

 http://www.insetsystems.com