SOURCE: SciComp Inc.
AUSTIN, Texas, Sept. 21 /PRNewswire/ -- SciComp Inc., an Austin-based company that provides software synthesis tools for the financial services industry, today announced that it has received $1.5 million in its first round of venture capital funding from Verticality Investment Group, LLC (VIG), a Jersey City, N.J.-based venture capital firm that invests in private technology companies.
SciComp will use the funding to bring its software to market. The company's flagship product, SciFinance 1.0, will ship in October 1998. SciComp develops software synthesis tools that write applications software, enabling its customers to produce complex mathematical software without manual computer programming. SciComp is targeting the growing market for high-end pricing software in the financial services industry.
Elaine Kant, SciComp's founder and president, said the funding will help accelerate its sales and marketing efforts and support continued development. ``The synthesis tools produce custom code directly from concise specifications so that customers can build numerical simulations without any manual programming,'' Kant said. ``At the core of SciComp's technology is a unique software synthesis system that is easily customized to new market areas.''
Hadar Pedhazur, principal of VIG, said SciComp's technology and products fill a void across many markets. ``One of the most exciting things about SciComp is that their technology solves an insurmountable problem across many industries in addition to finance: the problem that there are not enough programmers,'' Pedhazur said. ``SciComp has one of the strongest management and research and development teams that we've encountered. That was definitely a highlight which attracted us to them.''
VIG is a venture capital management company that focuses on investments in private technology companies, generally those involved in software development concentrating on finance, the Internet, programming tools, development environments, distributed object systems and programming languages. VIG's partners have achieved notable successes in both large corporate and entrepreneurial venues. For more information, call Hadar Pedhazur at 201-656-9311 or visit the web site at http://www.verticality.com.
Founded in Austin, Texas in 1994, SciComp is a leader in technology that empowers its customers to produce complex, mathematical software, eliminating the need for manual computer programming. SciComp's software synthesis techniques can be applied in a wide range of industries, including finance, electronics, oil and gas, pharmaceuticals, automotive and aerospace. SciComp's development team has more than 90 years of combined experience in mathematical modeling, computer science, applied mathematics, physics and engineering. For more information, call David Johansen at 512-451-1538 or visit the web site at http://www.scicomp.com.
SOURCE: SciComp Inc.