Vertrax Raises $2.45M

03/18/2002

Vertrax System, a developer of computerized shipping systems, has raised $2.45 million in new investment capital from a group of investors including the Connecticut Development Authority, Sachem Ventures, and Next Generation ventures. Formerly known as PetroVision and Integrated Delivery Systems, the company recently hired Vincent Mullineax as chief executive officer. Vertrax makes software to manage the delivery of home products such as heating oil, bottled water, parcels and health-care goods and services. Through a partnership with telecommunications giant Qualcomm, the company uses a combination of wireless, Internet- and satellite-based technology to track product deliveries and plot the most efficient routes.