Data Inventions, a Cincinnati, OH-based technology company focused on innovating conventional manufacturing, raised a funding round of undisclosed amount.
Backers included CincyTech and NCT Ventures.
Founded in 2014 by Duane Clement, CEO, Data Inventions provides an Industrial IoT platform that adds a layer of front line analytics to traditional machine tools to enable midsize manufacturers to take immediate actions to get the most out of their operations, from materials, to the shop floor, to the bottom line.
The company, which is headquartered at the HCDC Business Center in Greater Cincinnati, has offices in Boston and Erie, Pennsylvania.
CincyTech, NCT Ventures Announce Investment in Data Inventions
Industrial Internet of Things Company Enables Machine Shops and Manufacturing Operations to Unlock Untapped Potential
May 30, 2017 09:00 AM Eastern Daylight Time
CINCINNATI–(BUSINESS WIRE)–CincyTech and NCT Ventures are pleased to announce investment in Data Inventions, a technology company that brings new life to conventional manufacturing. The Data Inventions platform adds a layer of front line analytics to traditional machine tools. The resulting insights enable midsize manufacturers to take immediate actions to get the most out of their operations, from materials, to the shop floor, to the bottom line.
.@Cincy_Tech, @NCTVentures invest in @DataInventions, an Industrial #IoT co helping #manufacturers unlock potential
“In a typical factory, more than 99% of data is discarded without attempting to derive insight,” said Duane Clement, founder and CEO of Data Inventions. Clement, who began his career in R&D as an engineer with Procter & Gamble, said the inspiration for Data Inventions came from a simple manufacturing plant visit.
“By connecting people with real-time information in applications that are easy-to-use, manufacturers can improve actual production performance. They can respond to problems quickly to reduce downtime by as much as 45% and improve productivity up to 25%. Customers can go live in hours, see results in weeks and pay out their investment in a matter of months.”
The Data Inventions platform and applications feature an intuitive user interface at the machine and seamless, visible data and analytics.
“Data Inventions is addressing problems I saw in manufacturing operations throughout my career,” says R. Keith Harrison, former Global Product Supply Officer, Procter & Gamble and Data Inventions Advisory Committee Chair. “This is a huge issue across a broad spectrum of manufacturers. The Data Inventions technology is the kind of innovation needed to continually improve manufacturing effectiveness and efficiency.”
“The Data Inventions team has built a solution that supports a growing manufacturing sector,” said CincyTech Entrepreneur-in-Residence John Bostick. “It enables midsize factories and operations that are staples in Ohio, the Midwest and so many American communities, to work smarter and compete globally.”
According to a 2016 study published by Deloitte, the United States is expected to become the most competitive country for manufacturing by 2020. “Competitiveness in manufacturing is shifting towards higher value, advanced products and processes,” said Calvin Cooper, Director, NCT Ventures. “While this is an advantage for developed nations like the U.S., mid-market firms often struggle with operating inefficiencies. Data Inventions makes game changing IoT technology and applications more accessible.”
Data Inventions is headquartered at the HCDC Business Center in Greater Cincinnati, attracted by the region’s vibrant startup ecosystem and favorable business climate. It has offices in Boston and Erie, Pennsylvania. Details of the investment will be disclosed at a later date.
ABOUT DATA INVENTIONS
Data Inventions was founded in 2014 to transform the operating potential of mid-market manufacturers with IoT applications that leverage existing assets and make it easier for people to do their jobs and run the business more effectively. To learn more or request a demo, visit http://datainventions.com
CincyTech helps to transform innovation into high performing life science and digital companies in Southwest Ohio. One of the Midwest’s most active seed funds, we’re invested in Southwest Ohio. http://cincytechusa.com
NCT Ventures is a Columbus-based venture capital firm dedicated to providing a platform for entrepreneurs to succeed in turning their ideas into profitable business models through hands-on operational support. Over the last 20 years, NCT has helped build many successful companies across a variety of industries. NCT empowers entrepreneurs to develop disruptive technologies that improve market efficiencies. For more information, visit http://www.nctventures.com/.