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Airtrax raises $100K to get back on track

The Blackwood, N.J., company raised some bridge financing and plans to focus on licensing its specialty wheel technology, rather than make vehicles.

Airtrax Inc., which suspended operations March 21, says it's raised about $100,00 in capital. But don't look for everything to resume as it was in Blackwood.

The company says it's going to focus on licensing the omni-directional wheel technology it's developed, rather than trying to manufacture military and commercial vehicles that use the versatile wheels.

Sounds more like the model of InterDigital Inc., which licenses its wireless technology, rather than making phones or other equipment.

Airtrax has been struggling to complete the orders that it had, and it suffered a huge setback when the founder of the company and inventor of the technology died in 2006. A posting from earlier this year describes some of the turmoil that Airtrax has experienced.

The company also has a new CEO. William Hungerville became acting CEO on April 10, replacing Robert Watson.

The company says it will still need to secure "adequate funding to re-start operations." In the meantime, it's reduced its burn rate.

As of March 31, Airtrax had only $5,848 in cash on its balance sheet.