VisionTech Angels Invests $575K in Road Utility App
(photo courtesy of OnStation)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowVisionTech Angels in Indianapolis has invested $575,000 in road construction productivity app OnStation in a seed round that closed at $1.4 million. The group says the investment in Ohio-based OnStation is the largest initial investment in its 12-year history.
According to VisionTech Angels, the OnStation app enables better communications, productivity, and efficiency for road construction projects.
“Unlike a venture fund which writes one check, angel groups like VisionTech are composed of individual investors who decide whether or not to participate in a deal,” VisionTech Executive Director Ben Pidgeon said. “Leading the investment round in OnStation with participation from this volume of members is a real achievement when the average check per VisionTech investor was just over $10,000. It came down to our investors having a lot of trust and confidence in OnStation’s Founder and Chief Technology Officer Jake Bailosky and CEO Patrick Russo.”
VisionTech Angels led the round, with 53 of its investors participating. Joining VisionTech Angels in backing OnStation were HG Ventures in Indianapolis, Jumpstart in Cleveland and Golden Angel Investors in Wisconsin.
Pidgeon added, “We’re impressed with the current abilities of the product, the problems it solves for the road construction industry, customer feedback, market size, and growth potential.”
Russo says the company will primarily use the funding to scale the company, which is currently in use in 23 states.
“We recently hired a growth marketer and civil technology engineer and have immediate plans to add sales professionals and additional developers so we can rapidly add more functionality to the app and automate the project onboarding process,” said Russo. “Once a federal infrastructure bill is passed, we anticipate more states initiating roadway construction projects. Tools like OnStation will support better project management and greater productivity and efficiency to road construction teams. The volume of construction projects will make OnStation’s app essential to keep projects on track.”
VisionTech Angels says OnStation is also its 50th portfolio company.