A newcomer to the world of IoT startups has picked West Chester for its headquarters in order to plug into the area’s thriving economy.

Fischer Block continues to attract big investments for its electric utility technology, which can analyze power data and predict issues, thereby streamlining power grid management, according to a Philadelphia Business Journal report by Michelle Caffrey.

The key to locating in Chester County was that West Chester is near local machine shops and 3D manufacturing vendors.

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“It’s all local. We have not had to go out of the region to find expertise and to support our manufacturing and engineering,” said CEO Greg Wolfe.

Because its patented tech can be installed without disrupting a power substation, Fischer Block garnered $1 million in funding in 2015 and has since attracted $200,000 from Ben Franklin Technology Partners of Southeastern Pennsylvania, $300,000 from the Philadelphia Alliance for Capital and Technologies Lions Den, and a new Broad Street Angels investment of six figures.

All told, Fischer Block is valued at $6 million in a market that’s estimated to be worth $100 billion.

Read more about the money behind Fischer Block in the Philadelphia Business Journal here.

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Top photo credit: Maëlick Utility Pole via photopin (license)