Cream City Venture Capital, a venture capital arm of Northwestern Mutual, is among investors to participate in a Milwaukee tech startup’s $2.7 million round of funding.
SteamChain Inc., a Milwaukee company that launched in September 2017, offers cloud-based machine data for manufacturing and industrial companies. Manufacturing and industrial businesses use data managed by SteamChain to determine financial agreements for equipment usage and warranties.
Essentially, instead of a company buying equipment not knowing if it will perform to specification, they can pay the OEM, or original equipment manufacturer, based on the performance level of the machine over time, reducing expenses for new equipment. It works as a two-way street, as the OEM can generate revenue on the performance of its equipment after the initial sale, since most OEMs have trouble selling service post-sale. Read the full story here.