Updated 2/11/15 – Multiple sources are confirming $38.5 was the amount invested.
Via News Release
“MINNEAPOLIS, July 22, 2015 /PRNewswire/ — Invenshure, LLC, a technology incubator and venture catalyst, today announce that Parker Hannifin Corporation (NYSE: PH) completed a significant minority equity investment in Exosite LLC, one of Invenshure’s portfolio companies.”
In addition, through a preferred supplier agreement, Parker Hannifin and Exosite will expand their partnership, which began in 2013 with technology collaboration to deploy Internet of Things (IoT) solutions across several of its global operating divisions.
With annual sales exceeding $13 billion in fiscal year 2014, Parker Hannifin is the world’s leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial, and aerospace markets.
Exosite, headquartered in Minneapolis, MN, is a leading developer of cloud-based solutions that enable customers to connect smart devices to the Internet for remote control, monitoring, and business analytics. Exosite’s software solutions are highly scalable, customizable, secure, and reliable. These tools accelerate the time to market for customers building IoT businesses.
“This agreement marks a significant milestone in a journey that began five years ago, validating Invenshure’s business model and recognizing the effort put forth by the entire Exosite team to build and scale a software platform company,” said Danny Cunagin, Co-CEO and Managing Director of Invenshure. “We are delighted to have Parker Hannifin as an equity partner and strategic customer as we continue to expand the products and services of Exosite.”
“Invenshure’s support and strategic guidance has been critical to our success,” said Hans Rempel, Co-Founder and CEO of Exosite. “We have benefited greatly from Troy (Kopischke) and Danny’s (Cunagin) guidance in forecasting market trends, developing product strategies, capitalizing the business, and helping to develop strategic relationships across the entire IoT ecosystem.”
The managing directors of Invenshure and Rempel founded Exosite in 2009. Since Exosite’s formation, Invenshure, through its Funds I & II, has provided growth capital through both equity and debt investments in Exosite. In addition, the Invenshure directors have served as board members and strategic advisors to the Exosite management team.
About Invenshure, LLC
Invenshure’s process is to scour university research labs for novel and disruptive technologies ready for commercialization. Invenshure’s experienced team partners with top scientists, physicians, and researchers from the most trusted institutions in healthcare and technology. The company focuses on high-growth sectors including biotech, genomics, healthcare IT, diagnostics, cloud computing technologies, and wireless technologies. For more information, visit http://invenshure.com.
About Exosite, LLC
With offices in the Americas, APAC, and EMEA, Exosite enables the world’s leading durable goods manufacturers in consumer, commercial, and industrial segments to quickly build and deploy solutions that capture the IoT generation of their business.
Exosite provides an enterprise-grade, analytics-driven IoT software platform that allows OEMs to create economic leverage, while eliminating the risk and burden of custom infrastructure. For more information, visit www.exosite.com.