March 21, 2003
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March 21, 2003 |
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Rose-Hulman Ventures, a technology-based business incubator, education, and product development center, is investing $1 million in Indianapolis-based Powerway, Inc. In addition to a cash investment, Rose-Hulman Ventures will collaborate with Powerway to enhance the firm's technological capabilities and provide increased functionality for its software development. Powerway is a leading provider of software and services that drive risk management and quality assurance throughout the product development process. The privately held company, founded in 1987, is based in Indianapolis, with offices in London and Mexico City as well as a strong presence in Detroit.
“The investment from Rose-Hulman Ventures, along with expertise of their engineers, faculty and students, will positively impact our organization’s ability to deliver innovative technology solutions to our customers” said Powerway CEO Ted Wozniak. “In addition to providing technical research, Rose-Hulman Ventures will assist in the development of advanced concept prototypes before we bring products to market.” Powerway’s product development process solutions enable manufacturers to collect report and share critical data and analysis within the enterprise and between multiple tiers of supply chain trading partners. The company’s 3,500 customers and 35,000 users span the technically complex automotive, general transportation, aerospace and process industries. The Big Three automakers, DaimlerChrysler, Ford and General Motors, have chosen to use Powerway’s product development process tool with their global supply chains as the industry standard solution for advanced quality planning. “Powerway has been at the forefront in this technology arena for 15 years and generating excellent results for its customers,” said Jim Eifert, president of Rose-Hulman Ventures. “This association represents the type of strategic opportunity we envisioned for us, our faculty, and students. We look forward to playing a part in Powerway’s continuing success.” Rose-Hulman Ventures project manager, Sudershan Tirumala, added that the students are significant contributors in the development of Powerway’s progressive technology. “Using the latest technologies has been a valuable educational experience for the students. The first phase of the project has been implemented and work is currently underway on another advanced concept.” About Rose-Hulman Ventures Rose-Hulman Ventures is creating economic growth and career opportunities for technical professionals in Indiana. Rose-Hulman Institute of Technology was awarded a $29.7 million grant from the Lilly Endowment, Inc. to establish Rose-Hulman Ventures. A $24.9 million grant was awarded in 2002 from Lilly Endowment Inc. to build upon the success of programs at Rose-Hulman Ventures to expand educational and professional practice experiences for Rose-Hulman Institute of Technology student and facility. For the fourth consecutive year, Rose-Hulman Institute of Technology is ranked No. 1 by U.S. News and World Report magazine among all colleges and universities that offer the master’s as the top degree in engineering. The ranking is based on a national survey of higher-education engineering educators. About Powerway, Inc. Powerway is a leading provider of software and services that drive risk management and quality assurance throughout the product development process. Powerway’s product development process solutions enable manufacturers to collect, report and share critical data and analysis within the enterprise and with multiple tiers of supply chain trading partners. A privately held company founded in 1987, Powerway currently has offices in Indianapolis, London and Mexico City as well as a strong presence in Detroit. Powerway’s 3,500 customers and 35,000 users span the automotive, general transportation, aerospace and process industries. To learn more about Powerway products and services, visit www.powerwayinc.com. |
