And now, another successful Pittsburgh startup story:
Dynamics Inc., inventor of the world's first fully programmable magnetic stripe, has landed an initial, oversubscribed $5.7 million Series A financing round led by Pittsburgh-based Adams Capital Management. Joel Adams, founder and general partner, joins the company's board of directors.
Dynamics was invented and founded by Jeff Mullen, CEO, in 2007. Mullen developed the technology, bringing it with him to Carnegie Mellon where received his MBA. Many first heard of the platform during Carnegie Mellon's
Project Olympus Open House in May of 2008 and Pop City (For the article, click here.).
Since then the company has continued to expand and develop its programmable magnetic stripe tech. The system will change the way that plastic payment cards work without altering the method by which they are processed-- a swipe through the ubiquitous 1970s-era Point-of-Sale magnetic strip reader.
"Our cards can create a number of different types of value," says Mullen, who prefers to remain mum on specifics since the company remains in semi-stealth mode. The funds will enable the company to expand and increase manufacturing capabilities and double in size in the next few months.
"We're looking for highly motivated and experienced engineers and a few executives," Mullen says. "Our hope is to attract candidates for hire; we're looking to expand our technology and engineering assets."
Mullen is particularly pleased to be adding the high profile expertise and wisdom of Joel Adams to the company, the "gold standard for venture capitalists in Pittsburgh."
Dynamics has earned about $400,000 in winnings though several prominent business competitions, including the Rice Business Plan Competition, Carnegie Mellon McGinnis Venture Competition and the University of San Francisco Business Plan Competition.
The company is based in Pittsburgh, has an office in Cupertino, Calif., and is currently looking for office space on the East Coast.
Writer:
Debra Diamond SmitSource: Jeff Mullen, Dynamics Inc.
Logo courtesy of Dynamics Inc.