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 was founded in 2009 and provides real-time, cloud-based synchronization services through its proprietary PointToCloud™ and MatchMaking™ software. Ilesfay’s technology replaces the slower, expensive point-to-point system of replicating data by storing project information in the cloud and transferring only data that changes between sites.
Chris McLennan, James Taylor and Joe Kramer started Ilesfay with a combined 30 years of engineering experience. They had seen their clients at A&A struggle with information exchange while working on large projects.
For example, teams of people around the world can be contributing to the same project. Every time a small change is made to an engineering design, the teams have to exchange huge amounts of data – measured in terabytes. (For a bit of context: One terabyte equals 1,000 gigabytes. An average Blue-ray disc contains about 50 gigabytes). Right now companies transmit the data by leasing expensive fiber-optic lines or using virtual private networks (VPNs), which are not only also expensive but require a lot of manpower.
Ilesfay uses a cloud-based service to replicate the data.
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 says. “The company’s patent-pending technology could drastically improve the way that multi-nation companies exchange information. This software will be a key investment for PLM and vaulting companies.”
Ilesfay has been piloting projects with Procter & Gamble since its formation.
By Sarah Blazak