IU Philanthropic Venture Fund Invests in Fishers Tech Firm
IU Ventures has invested $250,000 in Fishers-based surveillance technology company Qumulex. Officials say the investment is part of a Series Seed II funding round through the IU Philanthropic Venture Fund.
Qumulex, headquartered at the Indiana IoT Lab in Fishers, is developing a platform of security tech for commercial properties including office buildings, shopping centers and hospitals. The company says features of its products include access control with cloud storage and accessibility.
"Qumulex has several IU alumni on its team, including Nick Ball as vice president of finance and Jerry Fath as chief software architect," said Katherine Moynihan, associate vice president of IU Ventures. "The opportunity to support alumni-driven innovation was a key driver in our decision to invest in Qumulex. Additionally, their past business successes at key moments of technological change in the commercial security market inspire every confidence in their capability."
Qumulex aims to double in size to more than 30 employees by early 2021. Since 2018, it has grown from seven to 15 employees.