AirVoyance Inc.
AirVoyance provides electronic hardware, communications, and software services to logistics and transportation companies for the purpose of improving the management and utilization of mobile assets, such as semi trailers, delivery vans and shipping containers. AirVoyance is engaged in the research and development of the electronic hardware, sensors, communication protocols, and software necessary to significantly improve the tracking, management, and utilization of mobile assets.
Assistance from the Indiana Venture Center:
While working in the Inventrek Technology Park and making connections at the Purdue Research Park, AirVoyance was introduced to the Indiana Venture Center, Inc. “We had heard of the Indiana Venture Center but had no direct contacts. Luckily, we had a conversation with an executive at the Purdue Research Park who put us in touch with the Venture Center,” stated Steven L. Chaffee, President of AirVoyance. “We’re fortunate the Venture Center was there to help – they got us moving in the right direction. We could have done it on our own, but we would have taken much longer.”
Through service delivery and contact introductions provided by the Indiana Venture Center, AirVoyance launched in March 2005 and started developing on-board electronics and software with direct input from trailer manufacturers. This first offering is in Beta testing with several prospective commercial fleets, in preparation for market entry in early 2006.
“We didn’t know what to expect from the Venture Center since much of this was new to us at the time,” commented Chaffee. “The Indiana Venture Center offers an impressive suite of skills and resources – they helped us find what we needed, when we needed it.”
“We are fortunate to have that depth of expertise at our fingertips,” said Dan Wright, Vice President of AirVoyance.
The Indiana Venture Center has been providing AirVoyance with a number of services ranging from business plan evaluations to funding facilitation to business advisory services. “The Indiana Venture Center added a dimension that we didn’t have,” commented Chaffee. “They provide an excellent outside voice – very objective.”
By participating in Indiana Venture Center events, AirVoyance has formed partnerships with a legal team, investors, and other savvy industry professionals. Participation in AngelNet has opened several doors not just to investors, but to other quality industry professionals. “We were shocked at the quality of people in the room at Triage,” commented Chaffee. “After that, we had the opportunity to pitch to investors across Indiana – we were being promoted around the state by the Venture Center.”
Through business plan evaluations, market research, financial planning, and advisory services, the Venture Center was able to thoroughly understand AirVoyance and its targets. The Venture Center confirmed the growth potential in AirVoyance and aligned its services to their situation.
“Joe Muldoon’s engagement provided a big lift for us,” mentioned Chaffee. “In one instance, he provided a tool to enhance our financial analysis and frame our capital planning. This tool also offered a way to communicate those plans with our board and investors. It was very well received and appreciated.”
The Venture Center also played a hands-on role during AirVoyance’s 21st Century Research and Technology Fund application process. Wright stated, “The input from the Indiana Venture Center proved to be very valuable.”
Working closely together toward the success of AirVoyance, the Indiana Venture Center became a “trusted business advisor”, said Wright. “We feel very comfortable calling when we need advice.”
Chaffee commented, “We came to trust that the Venture Center is looking out for our best interests. They are committed to make AirVoyance a success – they brought a process to the process of starting a business.”
