Heureka Software receives Innovation Fund award
Heureka Software is pleased to announce the winning of the Innovation Fund award for technology-based startups. The full press release can be found below.
Elyria, OH | June 9, 2016: The Innovation Fund, Northeast Ohio’s most active early-stage fund for technology-based startups, has committed a combined $150,000 to three companies. The fund awards startups up to $100,000 so they can validate their technologies and business concepts and often bridges the financial gap between self-financing and angel and venture capital funding.
Heureka Software, a company allowing organizations to identify and manage risk related to its unstructured data, received the $100,000 award. Its Heureka Intelligence Platform, also called HIP, provides a unified framework to identify information and gather intelligence from their digital endpoints on a global scale, in real time.
“Organizations cannot protect their data if they don’t know where it exists,” said Dennis Cocco, co-director of GLIDE, the incubator at Lorain County Community College that administers the Innovation Fund. “Heureka’s solution can potentially identify sensitive information across organizations’ computers and information technology assets more proactively.”
The Cleveland company was founded in 2012 to create a more efficient and cost effective way to identify data on endpoint computers to be used in litigation. But once the founders started demoing their alpha version to customers, they found an even broader market.
“Our customers told us to forget about evidence for lawsuits,” said founder Ron Copfer. “They said the technology would be more useful finding malware or identifying data that posed risks for organizations that contain social security or credit card numbers. Within two years we pivoted, renamed ourselves, and began rebuilding our original vision.”
Heureka Software will match the Innovation Fund’s $100,000 award with non-state funds to complete a $200,000 project. The company plans to finish additional functionality that will meet current customer requests and expand its potential customer pool.