Banking & Finance and Tech Companies and Investing and Angel Investors and Venture Capital

State, former Colts invest in Fishers software provider

June 27, 2012

The state of Indiana and former Colts are among the lead investors in Fishers-based software provider CloudOne, the company announced this week.

CloudOne said it completed a $1.7 million round of venture funding, which included $700,000 from Indiana’s 21st Century Fund and $125,000 from the Indiana Angel Network Fund.

CloudOne said the capital infusion will allow it to hire engineers and sales representatives, but it did not indicate how many.

CloudOne provides software-as-a-service for developers using IBM Rational, a cloud-based environment. Its customers include Panasonic, McDonald's and Lenovo. The company recently signed a contract with Columbus-based Cummins.

Funding from the state of Indiana is near the maximum of $1 million because CloudOne has received strong interest from large companies, noted Steve Hourigan, CEO of Elevate Ventures, which manages the 21st Century Fund for the Indiana Economic Development Corp. “We look forward to working with their team to help them grow and succeed,” Hourigan said.

CloudOne added Ryan Pfenninger of Elevate Ventures to its board of directors.

Another $825,000 came from entrepreneurs, including former Indianapolis Colts Ryan Diem and Jeff Saturday, as well as F. Ronald Seager, former corporate executive vice president at Illinois Tool Works.

Diem, a Chicago-based entrepreneur and businessman, also contributed a first-round investment in CloudOne in 2010. He will continue to have a seat on the board of directors. Saturday is an original CloudOne investor.

 

ADVERTISEMENT

Recent Articles by Kathleen McLaughlin

Comments powered by Disqus