CincyTech, the Downtown public-private investor, Wednesday announced a $300,000 investment in Cloud Takeoff.
The Mason construction industry tech startup provides cloud-based construction estimating (or “takeoff”) software that allows contractors to share digital blueprints and collaborate online.
Named one of the construction industry’s Top New Products for 2013 by Constructech Magazine, the company plans to use the funds to accelerate its web-based product development to mobile devices and expand integrations to content providers around the globe, said founder Phillip Ogilby.
Ogilby and son Justin first created an estimating software called Buildware Pro in the late 1990s before founding the bid management software suite iSqFt. Cloud Takeoff takes that software to a “whole new level,” said Ogilby.
The investment comes from CincyTech’s recently closed $10.9 million third fund, which combines $5 million from the Ohio Third Frontier with $5.9 million from Southwest Ohio investors.
CincyTech said it planned to invest in at least 15 companies focused on information technology and bioscience that are based in or willing to move to Southwest Ohio. Since 2006, CincyTech has invested $15.3 million in its 43 portfolio companies and attracted $228.2 million in follow-on capital.
“CincyTech was attracted to an experienced management team, led by Phil Ogilby, a seasoned entrepreneur,” CincyTech entrepreneur-in-residence Douglas Groh said in a news release.
“Moreover, Cloud Takeoff has already developed a basic version of the product that is gaining traction in the marketplace. The investment and support provided by CincyTech will enable Cloud Takeoff to more quickly build features and functions that greatly enhance the user experience. This, in turn, will accelerate customer adoption.”