Cleveland tech startup OnStation led venture-capital fundraising among Northeast Ohio companies in the second quarter with an $8.5 million funding round for its mobile application for road builders, accordingly to newly released research.
The latest Venture Monitor report from PitchBook and the National Venture Capital Association noted that it was another quarter during which investors continued to support their most promising companies to maturity amid a historically challenging exit environment.
According to the PitchBook-NVCA report, the top deals in the region added up to only $16 million raised during the second quarter. That was down 83% from $95 million in the year-ago quarter and down 93% from $240 million in the first quarter of 2024.
During the second quarter, OnStation raised $8.5 million for its mobile application that tells road-building contractors and workers where they are located on job sites and in their respective projects.
Formally known as Projitech Inc., the company developed its digital-stationing platform for civil engineering. The product lets road construction workers access "stationing" — the horizontal measurements along the center line of a road project, usually every 100 feet — as well as design layers and plans through a mobile app that centralizes communication about their projects.
OnStation's Series A investment is aimed at enabling the company to accelerate its growth strategy, including expanding its market presence across the United States and continuing to innovate its platform to meet the evolving needs of the heavy highway industry.
Meanwhile, Aropha, a Bedford-based startup laboratory whose technology cuts the time and cost of materials degradability testing, closed a seed-funding round in April. It was the only company featured on the quarter's top-deals list that was not a late-stage company.
The company's founders, Kuan Huang and Travis Johnston, plan to use their company's seed funding to expand their predictive-modeling capabilities, applications and space, as well as for marketing efforts, to serve customers in a wider market.
Real Time Intelligence in Independence secured funding during the quarter for its software that uses wireless technology that connects everyday items to the internet to track assets through their journey in the supply chain, according to a regulatory filing.
