Council Rock, a graduate company from Rochester Institute of Technology’s Venture Creations business incubator, has received $7 million Series A funding, led by Grand Oaks Capital, the investment firm founded by businessman and philanthropist B. Thomas Golisano.
Motorola Solutions, and other private investors, also participated in the investment round.
Council Rock, which was founded in 2010 and graduated from Venture Creations in 2016, designs and manufactures industrial routers that support the growing industrial Internet of Things (IoT) markets, including smart grids, smart cities, smart campuses, and renewables. Its products allow customers to download and utilize third-party software applications to improve safety, efficiency, and reliability. A soon-to-be-launched IoT data engine will provide managed software solutions.
According to company founder and CEO and RIT alumnus David Rodriguez ’92 (MBA), the funding boost underscores Council Rock’s computing platforms and technology partnerships. New funds will help accelerate the company’s product development road map, with several new models planned for 2021. Additionally, a new IoT data analytics platform and a next-generation smart home energy solution will be introduced in 2021.
“The Internet of Things revolution is moving quickly and with this new funding round, we’re able to continue introducing new capabilities to industrial markets,” said Rodriguez.
“We have technology partnerships with leading companies and this will allow us to reach customers around the globe.”
Golisano, founder of Paychex Inc., added, “We are thrilled to participate in this exciting new growth area and solidify Council Rock’s leading position in the industry.”
RIT Venture Creations, which has launched 42 companies since 2003, offers its client companies quality coaching, professional consulting, and connections with industry professionals, creating an environment where cutting-edge businesses can develop and thrive. Graduate companies continue to thrive in the marketplace and often return to the incubator to provide advice to current incubator clients.
Interim Director Peter Parts is thrilled that Council Rock continues to make a significant impact in the industry. “All of us at Venture Creations would like to congratulate Council Rock on their impressive Series A funding round. It’s truly fulfilling to see our graduate companies doing so well and we will continue to follow their progress and support them in every way.”
Council Rock is headquartered in Rochester, N.Y., with Renewable Energy operations in Caguas, Puerto Rico.