06 Apr IU Philanthropic Venture Fund invests second round of funding in cloud-based security company Qumulex
IU Ventures has announced a follow-on investment in Qumulex, a commercial security company that unifies on-premises and cloud storage, accessibility, and utilization. Last year, IU Philanthropic Venture Fund invested in the startup’s seed round, and now that Qumulex has exhibited success—particularly during a year of cancelled or limited in-person sales, trade shows, and operations—they are preparing to ramp up sales efforts in 2021.
Qumulex shipped their first product in September of 2020 and received positive feedback from early customers. The company’s product allows the commercial sector to easily access their own video surveillance, and control needs by combining cloud technology with physical security equipment. According to CEO Dan Rittman, the growth of the company has to do with filling gaps in the physical security industry. “Today’s security professionals want a mobile-first solution that is easy to use from anywhere. The pandemic has accelerated this need, with the ability to quickly change who can be in their facilities and verify compliance in response to public health guidance high on the list of many end-user requests. Qumulex is uniquely positioned to fill this need with our progressive web app that seamlessly unifies situational awareness from both video surveillance and access control,” said Rittman.
Due to their success since September 2020, Qumulex now looks ahead to 2021 with the goal of ramping up sales and marketing efforts. IU alum and Qumulex Chief Software Architect Jerry Fath said, “We have done a lot of work building a secure and reliable IoT infrastructure to support physical security needs. We are looking forward to getting the service out to customers in 2021, even as we expand our development team to add more functionality.”
To aid in the achievement of their goals, IU Ventures’ IU Philanthropic Venture Fund has invested an additional $250,000 to follow its original investment. “We are glad to be investors in support of this experienced business and technical team at Qumulex” said Teri Willey, executive director and fund manager at IU Ventures. “It was a treat to interview several Qumulex integrators and learn how important the Qumulex products and services are to them and learn about the respect in the market for the Qumulex team.”
Based in Fishers, Indiana, the company’s senior leadership team boasts a significant IU footprint. Jerry Fath, Chief Software Architect, Cofounder, and Board member, is an IU Bloomington alum. Vice President of Operations, Cofounder, and Board member Jeff Walters is a graduate of IU Kokomo. Vice President of Finance, Investor Relations, and Cofounder Nick Ball, as well as Director of Sales Jack Wade, are both products of the IU Kelley School of Business. Ball is also a proud IU parent.
About IU Ventures
IU Ventures is a Code Section 501(c)(3) organization dedicated to empowering Indiana University faculty, alumni, and friends through support and investment in IU-affiliated early stage companies. Through the IU Philanthropic Venture Fund and the IU Angel Network, IU Ventures provides opportunities for individuals affiliated with IU to network with fellow entrepreneurs; build innovative new businesses; and support growing enterprises through donations, investments, time and talents.