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LineStream Technologies Closes Series B Funding Led by U.S. Venture Partners(March 12, 2012)
CLEVELAND, OH -- (Marketwire) -- 03/12/12 -- LineStream Technologies Inc., an innovator of software-based control solutions, today announced that is has closed a Series B funding round led by U.S. Venture Partners (USVP), joining Series A investor Early Stage Partners. Winston Fu, general partner, and David Liddle, venture partner, of USVP have joined the company's board of directors.
"This round of funding is perfectly timed to grow our company to meet customer demand. USVP has helped other high growth companies recruit top talent and pioneer in new markets," said Dave Neundorfer, President of LineStream. "We are thrilled to benefit from USVP's deep expertise in the semiconductor and software sectors, as well as their guidance and support as LineStream addresses this $10 billion market opportunity."
Jim Petras, general partner at Early Stage Partners and LineStream board chairman, added, "We are pleased to be working with a top Silicon Valley venture investor. The company culture is a blend of mid-west controls expertise and Silicon Valley agility. This investment round will be instrumental in recruiting engineers across the nation with that special combination."
LineStream's advanced control technology actively rejects process disturbances before they degrade system performance, solving a problem that occurs even in highly tuned, state-of-the-art facilities. This advancement, exclusively licensed from Cleveland State University, optimizes both manufacturing processes as well as automated products ranging from washing machines to sophisticated medical robotics. Additionally, LineStream's software eliminates today's complicated, trial-and-error control tuning process, which can lead to product development risk and deployment delays.
"LineStream is driving a critical shift in a technology area that is fundamental to all automated products. This innovation is poised to impact many different applications in diverse, large, and growing markets. We are impressed with the company's partnership with Texas Instruments and its asset-efficient, scalable business model," said USVP's Winston Fu.
About LineStream Technologies:
LineStream Technologies Inc. is a global leader in control technology that improves performance and simplifies set-up and development for automated products and applications. Based in Cleveland, Ohio, LineStream is the first technology spin out of Cleveland State University and received Series A venture funding from Early Stage Partners. In partnership with leading semiconductor, industrial drive, and industrial controller providers, LineStream is providing easy-to-use software that improves energy efficiency, equipment life, and operational accuracy in countless applications. For more information, see www.linestream.com.
About U.S. Venture Partners
U.S. Venture Partners (USVP) has helped build great companies for nearly three decades. Since its inception in 1981, USVP has invested more than $2.4 billion in more than 420 companies. USVP's partners work diligently and consistently with early-stage companies, many of which have become industry leaders.
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