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Ilesfay Closes Oversubscribed Seed RoundTechnology Firm Helps Product Life-Cycle Groups Manage Project Data (April 03, 2012)
CINCINNATI, OH -- (Marketwire) -- 04/03/12 -- Ilesfay Technology Group LLC has closed an oversubscribed seed-stage investment round of $615,000, led by CincyTech with $250,000 and completed by Douglas Groh, Steve Turnbull and other private investors.
Ilesfay, founded in 2009, provides real-time cloud-based synchronization services through its proprietary PointToCloud and MatchMaking software. Ilesfay's technology replaces the slow and expensive point-to-point system of replicating data by storing project information in the cloud and transferring only data that changes between sites.
Ilesfay aimed to raise a seed round of $500,000 but was met with such great interest that the round oversubscribed by $115,000.
"The oversubscription confirms our interest and eagerness for Ilesfay's technology to come to market," CincyTech senior investment analyst Justin Thompson said. "The company's patent-pending technology could drastically improve the way multinational companies exchange information. This software will be a key investment for PLM and vaulting companies."
Procter & Gamble has been a key customer since Ilesfay's formation.
Ilesfay offers cloud-based data replication services for corporate product life-cycle management. Its proprietary data-replication software allows multi-nation organizations to convey complex engineering and manufacturing documents more quickly and much less expensively than their current methods. Only changes to the documents are conveyed, saving space, time and money. Ilesfay is a portfolio company of Cincinnati-based seed-stage investor CincyTech.
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