A Milwaukee startup has raised nearly $3 million in its latest funding round thanks to a big-name bank, among other influential investors. The startup, SteamChain Inc., has designed a cloud data system for industrial manufacturing companies and clearly has the attention of heavy-hitting funders like Northwestern Mutual.
The powerful bank’s venture capital branch called Cream City Venture Capital has helped contribute to SteamChain’s $2.7 million funding round recently, according to the Milwaukee Business Journal. The startup is expected to use the increased funds to optimize security as part of their cloud-based platform.
“The upper Midwest has a strong tradition of innovation in manufacturing technology,” SteamChain’s CEO Michael Cromheecke said in a statement. “The I-94/I-43 corridor from Chicago to Green Bay has one of the highest concentrations of advanced machinery builders in the country.”
Investors said they were intrigued by the promise of further getting involved with manufacturing in the region.
“All the focus that is being placed on developing Wisconsin’s manufacturing leadership makes this a great fit for Cream City Venture Capital,” Craig Schedler, who is a venture partner at Northwestern Mutual, also said in a statement. “Northwestern Mutual has a vested interest in growing the technical capabilities of southeastern Wisconsin, and SteamChain’s use of cutting-edge software architectures including blockchain makes it a great fit for our portfolio.”