Balanced Insight, a growing software company in Symmes Township, received $350,000 in seed financing to further develop its software.
Balanced Insight, created in 2003, focuses on software that manages business information and business intelligence. Company founder Tom Hammergren said the funding will allow the company to add employees in its sales and engineering areas, and expand product sales and distribution.
“Balanced Insight has been profitable every year, but one, since our inception. This has helped us reduce the initial need for capital while still attracting marquee customers such as Fifth Third, Ohio PERS, KeyBank, Nike, and NetJets to name a few. The money we have received in this round will help us expand our sales & distribution to attract additional customers across the globe,” he said.
The funders were CinyTech, a public-private funder of startups, and Southwest Ohio Creates Companies (SOCC), a University of Cincinnati-led fund.
“Balanced Insight founder Tom Hammergren has made great progress boot-strapping his company over the last five years and building an impressive customer list,” said CincyTech executive-in-residence Mike Venerable. “He’s attracted great interest from the analysts in the business intelligence market over the importance of his technology.”
CincyTech provided $250,000, while SOCC invested $100,000.
“Balanced Insight is continuing to evolve our product line, Balanced Insight Consensus®, based on our customer’s needs and innovation that we feel will drive further market penetration for us. Consensus is an enterprise software platform that assists our customers in establishing a cost-effective platform for delivering enterprise business intelligence and performance management solutions in popular tools from Microsoft, IBM/Cognos, and SAP/Business Objects to name a few,” Hammergren said.
Writer: Feoshia Henderson
Sources: Balanced Insight founder Tom Hammergren, Bob Coy President CincyTech