SteamChain
The business, the turning points, and the decisions behind them.
Some sections are still being researched1 / 4
Sections to complete：02
01 / WHAT IT BUILT
What the company did
SteamChain Inc. was a Milwaukee-based blockchain startup founded in 2017 by Michael Cromheecke that built a machine-as-a-service platform for equipment manufacturers. Using real-time equipment data on a blockchain foundation, it let OEMs validate machine data and meet contract goals, enabling them to be paid on the productivity of a machine over its life cycle instead of milestone payments - monetizing the equipment's lifetime output. The gener8tor-accelerated startup raised a $2.7 million seed round led by Capital Midwest Fund, with Northwestern Mutual's Cream City Venture Capital, BrightStar Wisconsin, and gener8tor participating. PitchBook marked the company Out of Business in October 2022.
02 / FAILURE REASONS
Material for this section is being gathered and checked. It will appear here once ready.
03 / EVENT HISTORY
Events in the structured record
- Company founded
Michael Cromheecke founded SteamChain in Milwaukee as a blockchain-based machine-as-a-service platform; it completed the gener8tor accelerator that fall.
- $2.7M seed round
SteamChain closed a $2.7 million seed round led by Capital Midwest Fund with Cream City Venture Capital, BrightStar Wisconsin, and gener8tor; it also did a Series A and accelerator rounds per PitchBook.
- Out of business
PitchBook marked SteamChain Out of Business in October 2022; Cointime lists its operating status as Closed. No shutdown announcement or postmortem was found.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
PitchBook marked SteamChain (Business/Productivity Software) Out of Business in October 2022, after a Series A (Dec 2018) and accelerator rounds; Cointime lists its operating status as Closed.
- 02
No bankruptcy filing, loss figures, or creditor claims were publicly disclosed.