Congratulations to Akron-based Ayalogic and Cleveland/NEO entrepreneurship catalysts Jump Start for good economic development news for NEO. We'll let Crain's Tech tell the story unfolding:

Ayalogic raises $2 million

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8:48 AM Nov. 08, 2004
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By spettypiece [at] crain [dot] com

Akron telecommunications software developer
Ayalogic has raised $2 million from local investors, which will enable
the company to take its product to market early next year.

The
Cleveland office of Pittsburgh-based Draper Triangle Ventures and Early
Stage Partners of Cleveland led the financing round, though they did
not disclose how much they invested. Northeast Ohio economic
development group JumpStart Inc. kicked in $270,000.

Ayalogic
makes a software program that allows computers and phones to function
like an intercom or walkie-talkie, where users press a button and can
talk instantly to the call's recipient.

"It would make a tool
that would provide the feel of (America Online's) Instant Messaging
without the typing," said Ayalogic president Michael Rojas. "This is an
extension of the old intercom system, but it makes it universal from
any phone or computer."

In early 2005, Ayalogic plans to offer
its software to residential and business phone customers who can add
the push-to-talk feature to their home or office phones through their
current telephone company. Instead of marketing its product directly to
consumers, Ayalogic plans to sell to service providers such as Verizon
Communications or SBC Communications Inc.