What is Precision Devices?
Precision Devices Inc. specializes in the refurbishment and sale of forklift motors and drive units, catering to a wide range of industrial vehicles from pallet jacks to reach trucks and side loaders. Recognizing the economic advantage of rebuilt components over new ones, the company aims to minimize downtime and costs for businesses reliant on forklifts. Beyond core offerings, Precision Devices also provides concrete and asphalt products designed for floor repair, further enhancing operational productivity for its clientele. With service locations in Wallingford, CT, Ewing, New Jersey, and Plainville, Massachusetts, the company emphasizes local pickup and delivery services to ensure quicker, more cost-effective solutions compared to original equipment manufacturers.
How much funding has Precision Devices raised?
Precision Devices has raised a total of $150K across 1 funding round:
Debt
$150K
Debt (2020): $150K with participation from PPP
Key Investors in Precision Devices
PPP
Public-Private Partnership
What's next for Precision Devices?
The substantial late-stage funding positions Precision Devices for significant strategic advancements. This capital infusion is likely earmarked for expanding operational capacity, enhancing technological capabilities in their rebuilding processes, or broadening their market reach. The company's focus on cost-effective, sustainable solutions for industrial equipment maintenance aligns well with current market trends favoring efficiency and resourcefulness. Future developments may include diversification of services or product lines, further solidifying their role as a key player in the industrial equipment aftermarket and repair sector.
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