Ilesfay in the Cincinnati Enquirer
A $350,000 investment from CincyTech will help Ilesfay Technology Group grow sales of a software product that lets multi-national corporations more easily manage large volumes of complex documents.
The Blue Ash company, founded in 2009, has already inked a deal with Procter & Gamble. Its patent-pending system helps groups of engineers or developers designing a machine or product keep track of small changes to data or specifications over the Internet in real time, saving a company time and money.
The three partners, Chris McLennan, James Taylor and Joe Kramer, met while working for the Reading engineering firm Alexander & Associates, which specializes in machine design for Fortune 100 companies. The idea for Ilesfay came as they watched clients struggle to communicate small changes within large amounts of data accumulated as a new product is developed.
“What we do is transfer only what has changed in the specifications. If one hole on the machine is moved, our software ferrets that out and conveys just that move,” CEO McLennan says. “You don’t need to copy over the entire, huge document.”
The company will first market to engineers but plans to eventually expand to other industries that manage large amounts of data.
CincyTech, the local public-private organization that supports and funds tech startups, awarded Ilesfay a $40,000 Imagining Grant last spring. Its executives also began mentoring the new company to prepare it for the larger investment this summer.
“They have market-changing technology and a knowledgeable team with deep domain expertise,” says Mike Venerable, a CincyTech executive-in-residence. “What they’ve built so far is impressive.”
Since 2007, CincyTech has invested more than $8 million in 26 startup companies, attracting $83 million in additional private investment and creating 165 jobs.
To view this article at its source (Cincinnati Business Courier), click here.
Cincinnati | September 3, 2011 | Laura Baverman