Startup raises $1 million in seed funding, moves to Queen CityBy MICHAEL COUSINEAU
New Hampshire Union Leader
April 19. 2018 11:27PM
MANCHESTER - A data analytics company with ties to a Dyn executive has moved downtown and raised $1 million in seed funding.
Datanomix is working on software to help manufacturers save time and money in their production processes.
“If I told them they can improve output by 10 to 15 percent, they may not need to purchase additional capital equipment,” CEO John Joseph said Thursday.
The company, which hopes to release its software mid-year, moved recently from south Nashua to 30 Amherst St. in Manchester.
Its new home is in a building recently purchased and renovated by Kyle York, an early Datanomix investor who also is general manager and vice president of business and product strategy at Oracle for the Dyn Global Business Unit in Manchester.
Several investment funds contributed to the $1 million of funding as well as several people affiliated with Dyn and Nashua-based EqualLogic, where Joseph previously worked.
The funding will be used to bring people on board “to complete the vision and turn it into a Version 1 product,” Joseph said.
Datanomix, which employs nine people full time, is testing its software with a few New Hampshire companies it didn't want to identify. Datanomix will receive revenue through subscription fees.
In late 2015, Greg McHale founded the company, which finished second in the 2017 TechOut competition in Manchester.
Joseph said companies at that event provided Datanomix with helpful insight as did other Granite State firms.
“Between November and February, Greg and I basically did a mini-tour of New Hampshire talking with a lot of these companies looking at this technology,” Joseph said.
“The target customer is a manufacturing-oriented company where they have a production floor that is filled with machines producing various data streams, and they're needing technology to interpret their data streams for initiatives and directives for their production floor and business,” Joseph said.
He was surprised by how many companies use Excel spreadsheets and paper to track data, such as temperature and pressure readings.
McHale, who will stay on and be responsible for product development, said companies “need an easy way to put that data into a context to tell them what they need to do to their production line to increase efficiency.”