Milwaukee-based startup SteamChain has closed on a $2.7 million seed round of investor funding, according to co-founder Michael Cromheecke.

Michael Cromheecke of SteamChain presents his company.

As of June, the company was aiming to raise $600,000. Cromheecke could not be reached for additional comment this week.

SteamChain, founded in 2017, is a Machine-as-a-Service company that provides a platform for usage-based machine financing. It offers a blockchain-based software to machine builders, who can use it to track their manufacturer customers’ usage to monetize the lifecycle of the equipment. Read the full story here.