The Internet of Things (IoT) company in Cincinnati is scaling to meet growing demand.
In today’s digital world, everything seems to be connected. Thanks to advances around remote server technologies (the cloud) and the advent of the Internet of Things (IoT), devices—your thermostat, refrigerator and cell phone—can all work together and be controlled from anywhere. Losant in Cincinnati, with its platform that simplifies the creation of connected solutions for companies, has established itself as a major player in this space, servicing big name customers and partners in 15 countries across the world.
“Digital information technology is transforming every industry,” said Charlie Key, co-founder and CEO of Losant. “We recognized that in the early stages and got out in front to make building connected solutions easier for companies. There’s tremendous value in helping leaders make decisions based on real-time data that will directly impact their business, like in the case of Clark Construction, which needed to find a way to mitigate water damage on its job sites. With our platform, they were able to identify issues before they arose—potentially millions of dollars and hundreds of man hours in savings.”
The IoT technology startup is making headlines nationally, raising $11 million to date. Revolution’s Rise of the Rest Seed Fund—a $150-million fund led by AOL co-founder Steve Case focused on growing startups outside of Silicon Valley—tapped Losant as one of its first investments.
Losant software delivers custom solutions depending on the needs of the individual customer, but their primary platform assists manufacturers in the Industrial IoT space. Losant helps these customers understand the performance of their machinery. Additionally, the backend software helps companies organize and analyze data from their connected devices to derive insights and make decisions to improve their processes. Companies like Verizon, Bosch and Hewlett Packard Enterprise rely on Losant.
“If a machine is acting up, you don’t want to have to always send people out there to troubleshoot and figure out what’s happening with them,” said Key. “Being able to do that remotely for your service people, and for your customers, adds a ton of value. Improving the efficiency or the workflow of these industrial processes can save a lot on a company’s bottom line.”
Key and his co-founders Brandon Cannaday and Michael Kuehl have been working together since founding their first startup over a decade ago. The trio founded Modulus, where they helped developers deploy apps to analyze business processes and sold it to Progress Software in 2014. Kuehl then rejoined the team to start Losant in 2015.
Losant works closely with CincyTech, a southwest Ohio regional partner of Ohio Third Frontier, whose ongoing support has helped the company scale to meet a rapidly-growing demand. Key believes Losant’s widespread success both nationally and abroad can be attributed in part to growing the technology company in southwest Ohio.
“It’s like the perfect storm. We’re supported by resources like Cintrifuse and CincyTech not only to grow, but also to make meaningful connections,” said Key. “Here in Cincinnati, we have access to many large Fortune 500 companies, which have been fantastic partners. It’s not a gimme—you have to have the right product—but gaining access to these companies is a big first step. If you can prove your technology to them, it legitimizes you. After that, doors will open for you.”