Investors have given LineStream technologies $5 million to help the Cleveland-based software company expand. LineStream's software can cut energy usage and maintenance costs for industrial equipment and washing machines.
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View full sizeDave Neundorfer, president and chief executive of LineStream Technologies; Gang Tian, chief technical officer, and Matt Zilli, vice president of marketing, sit inside their Cleveland offices in this 2011 file photo. LineStream on Monday announced that it has raised $5 million in venture capital.CLEVELAND, Ohio -- LineStream Technologies, a technology company that is commercializing manufacturing and energy management software developed at Cleveland State University, has closed a second round of venture capital financing, raising $5 million.
"This round of funding is perfectly timed to grow our company to meet customer demand. (Lead investor U.S. Venture Partners) has helped other high growth companies recruit top talent and pioneer in new markets," LineStream President and Chief Executive Dave Neundorfer said in a written statement.
Also taking part in the financing was Cleveland-based Early Stage Partners. Early Stage was part of LineStream's first venture round, and Jim Petras, a member of the investor group, serves as LineStream's chairman.
LineStream's software monitors automated equipment, looking for disturbances that can confuse machines, such as vibration or temperature variations that can cause robots to pause or move around too much. Eliminating those disturbances can make machines easier to program and can dramatically lower energy usage.
Another software system called SpinTac monitors similar problems on smaller, spinning machines, such as washing machines, air conditioners and fitness equipment.
Last year, the company signed a licensing agreement with Texas Instruments to market SpinTac to its long list of industrial customers. In an email last week Neundorfer, said the Texas Instruments deal is leading to rapid growth for the startup company.
As part of the new funding round, LineStream will add two new board members from Silicon Valley-based U.S Venture Partners -- Winston Fu and David Liddle.
