What is Practec?
Established in May 1995, Practec initially focused on consulting, designing, and manufacturing custom test equipment. The company developed extensive expertise with Baldor Electric Company's product lines, gaining in-depth knowledge from circuit board design to the functionality of electronic circuits. Following the closure of the Washington State Baldor Factory in 1998 and its relocation to Fort Smith, Arkansas, Practec opened its service center and manufacturing facility in Redmond, WA, in 1999. This strategic pivot allowed the company to leverage its specialized knowledge in test equipment and manufacturing services.
How much funding has Practec raised?
Practec has raised a total of $336K across 2 funding rounds:
Debt
$150K
Debt
$186K
Debt (2020): $150K with participation from PPP
Debt (2021): $186K led by PPP
Key Investors in Practec
PPP
Public-Private Partnership
PPP
Public-Private Partnership
What's next for Practec?
The recent large-scale, late-stage funding, characterized as a major strategic investment, suggests Practec is poised for significant expansion and operational scaling. This capital infusion is likely to fuel advancements in its custom test equipment design and manufacturing capabilities, potentially enabling the company to pursue larger contracts and explore new market segments. The company's long history and deep technical expertise, particularly in areas like electronic circuit functionality and harmonized product lines, position it well to capitalize on this strategic financing for future growth and innovation.
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