Cleveland-based PROJiTECH recently closed its $1.4 million seed round for its road construction productivity app OnStation.
Indianapolis-based VisionTech Angels led the round, investing $575,000, a news release said. Other backers include HG Ventures of Indianapolis, JumpStart of Cleveland and Golden Angel Investors of Brookfield, Wisconsin.
“Unlike a venture fund which writes one check, angel groups like VisionTech are composed of individual investors who decide whether or not to participate in a deal. Leading the investment round in OnStation with participation from this volume of members is a real achievement when the average check per VisionTech investor was just over $10,000,” VisionTech executive director Ben Pidgeon said in the release. “It came down to our investors having a lot of trust and confidence in OnStation’s founder and chief technology officer Jake Bailosky and CEO Patrick Russo.”
OnStation is designed to improve “communications, productivity and efficiency” in road construction projects, the release said. The company is currently being used in 23 states, and the funding will primarily be used to scale it.
This article originally appeared in Crain’s Cleveland Business on July 22, 2021