Company Press Release
SOURCE: SciComp Inc.
SciComp Receives $1.5 Million in Venture Funding
Verticality Investment Group Gives First Round of Funds to
Scientific Computing Firm
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
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.