Friday, November 11, 2016

Startup Heureka Software reports raising $1.1 million from angel investors and JumpStart Inc. - Crain's Cleveland Business

Cleveland startup Heureka Software on Thursday, Nov. 10, announced it has raised $1.1 million in seed funding from Northeast Ohio angel investors and venture development organization JumpStart Inc.

The software-as-a-service company said in a news release that it "expects to raise that figure to $1.8 million in angel funding by year's end."

To date, Heureka said, it has raised a total of $1.95 million, including a JobsOhio loan of $750,000; a $100,000 award from the Great Lakes Innovation and Development Enterprise, or GLIDE; and now $250,000 from the JumpStart Evergreen Fund.

"While the funding environment for startups nationally has been extremely competitive, the Northeast Ohio startup environment has improved dramatically in the last four to five years," said Heureka's founder and chairman, Ron Copfer, in a statement.

He said the funding for the company to date "demonstrates that if you have a strong idea and a high potential for growth, the Northeast Ohio investor community and the state of Ohio will step up to support you."

Mark Minehart, Heureka's vice president of product development, said in the release that the funding "is helping us make significant investments in the product development team, so that we have the architectural rigor and engineering craft necessary to develop and release new features very rapidly."

Heureka, founded in 2014, says it provides organizations with "vital surveillance over the increasing amount of dark data that is prevalent in the workplace."

Dark data "represents all electronically stored artifacts and files that are outside of core transaction-based systems," Heureka says. Such data includes email, presentations, spreadsheets, word processing and other electronic files stored on desktops, laptops and servers.

Rem Harris, JumpStart's senior partner in charge of investing, said in a statement that Heureka "has a strong, veteran team in place and they are using an innovative approach to solve a real problem in endpoint file analysis and management."

Copfer says in his bio on the Heureka website that he has founded or co-founded 15 technology firms in his career. Among them are Fathom IT Solutions Inc. and Visual Evidence/E-Discovery LLC.

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