Tech 50 Award Winners Announced!

The Pittsburgh Technology Council announced the region’s 50 leading technology-oriented companies in eight distinct categories within the 13-county area of southwestern Pennsylvania for 2011. The Council’s 15th annual Tech 50 awards presentation was held at the CONSOL Energy Center, downtown Pittsburgh. To be considered for the 2011 Tech 50, a company must have been headquartered in the southwestern Pennsylvania counties of Allegheny, Armstrong, Beaver, Bedford, Butler, Cambria, Fayette, Greene, Indiana, Lawrence, Somerset, Westmoreland or Washington.

Each year, the Council canvasses the region for the most distinguished public and private technology-oriented companies, and the Tech 50 awards event honors those companies that demonstrated the strongest growth and advancement in product or sales success, financial strength, corporate citizenship, job growth and retention and innovative product or technology. All applicants are subjected to scoring by the Pittsburgh office of Alpern Rosenthal.

Listen to a couple of quick interviews with Cohera’s Patrick Daly, who won CEO of the Year and Life Sciences Company of the Year, and Kent McElhattan of Industrial Scientific, who took home Advanced Manufacturer of the Year. Listen here!

Innovator of the Year: Dynamics Inc.

Dynamics produces next-generation payment cards that utilize programmable magnetic stripes to communicate dynamic information to the 60 million 1970s-era magnetic stripe readers used in our everyday payment card transactions. Dynamics differentiates itself from other advanced card manufacturers in that its products are true consumer electronics devices, as recognized with the Best In Show prize for Personal Electronics at the 2011 Consumer Electronics Show.

Life Sciences Company of the Year: Cohera Medical

Cohera Medical is a medical device company that is developing a revolutionary line of surgical adhesives and sealants. Cohera’s surgical adhesives can be formulated for use in a wide variety of surgical applications, including plastic surgery, general surgery, and orthopedic surgery. Its TissuGlu product meets surgeons’ needs for a strong, safe, and easy-to-use tissue glue. Lab studies have demonstrated that the bond created with TissuGlu is as strong after one hour as a normal wound is after a week of healing.

Tech Titan of the Year: TeleTracking Technologies, Inc.

TeleTracking Technologies is the market leader of patient flow automation solutions and services to the hospital market. TeleTracking has applied proven principles of logistics management to hospitals and health systems to help them enhance patient care, improve financial performance, and gain competitive advantage. TeleTracking and its more than 850 clients have formed an alliance of shared knowledge and mutual trust dedicated to the ongoing improvement of patient care.

CEO of the Year: Patrick Daly – Cohera Medical, Inc.

With more than 15 years of medical device experience, Daly articulated a vision that Cohera Medical would create and develop innovative surgical adhesives that transform patient care. He focused the company on building the infrastructure for long-term growth, building investor confidence and opening the door to recruitment of top talent. He inspires all those associated with the company to excel by his own example of hard work and enthusiasm.

Technology Accelerator of the Year: AEC Group, Inc.

AEC Group is an end-to-end technology solutions provider with core competencies centered around access, infrastructure, virtualization and communication. AEC assists organizations by harmoniously matching their long-term business objectives with today’s current technology solutions. By building a business model around a variety of verticals across the western Pennsylvania region, AEC truly understands the landscape and the value of local customer relationships.

Advanced Manufacturer of the Year: Industrial Scientific Corporation

Industrial Scientific is the world leader in the design, manufacture, and sales of portable gas detection instrumentation. This designation has been achieved by executing innovative approaches to its corporate strategy, its customers and the markets it serves, and its overall operational philosophy. Each Industrial Scientific employee lives this vision every day and is in turn provided with both personal and professional opportunities as a result of their dedication and hard work.

Information Technology Company of the Year: Vivisimo, Inc.

Vivisimo is the leader in information optimization. Vivisimo’s solutions help end-users find all available information, regardless of source, location, or type. As more information is downloaded by employees in the course of their jobs, data begins to control how an organization operates and performs. Vivisimo’s Velocity platform solves this challenge, which represents a $1.4 trillion problem of lost productivity in the workplace.

Start-Up of the Year: Aquion Energy

Aquion Energy is producing a revolutionary battery based on novel ambient-temperature sodium-ion technology. The Aquion solution offers an advantaged value proposition in nearly all stationary storage use cases. The centerpiece of the technology is an innovative hybrid energy storage chemistry that combines a high-capacity carbon anode with a sodium intercalation cathode capable of thousands of complete discharge cycles over extended periods of time.

Dynamics Receives $35 Million from Bain Capital

Dynamics Inc. nailed down $35 million in venture capital from Bain Capital in Boston to perfect its fraud-proof credit cards.

A card-carrying member of the Pittsburgh technology Council, Dynamics produces a paper-thin, flexible computer with high processing capabilities and low power requirements.  The computer can be laminated into a number of different card-based products, like credit and debit cards.

Dynamics’ first product is the Dynamic Credit Card.  The card periodically changes a portion of a user’s credit card information – both visually and magnetically.  In doing so, the Dynamic Credit Card annually eradicates more than $20 billion in credit card fraud and associated costs.

For more details on the deal read it at the Pittsburgh Tribune-Review.


Dynamics Inc. Raises $5.7 Million in Series A Funding

The venture capital wins by Pittsburgh technology companies just keep on coming! Check out the latest annoucement from Dynamics Inc. below:

Dynamics Inc., an innovator in next-generation payment cards, announced today that it has closed an initial, oversubscribed $5.7 million Series A round of financing led by Adams Capital Management.  Joel Adams, founder and general partner of Adams Capital Management, joins the Dynamics Inc. board of directors.

 The company produces a paper-thin, flexible computer platform that can be utilized in a variety of applications such as next-generation payment cards.  Dynamics has invented the world’s first fully programmable magnetic stripe that can be read at any existing Point-of-Sale (POS) magnetic stripe reader.  The card itself can change any bit of information on this programmable stripe at any given time.  The technology does not require any change to the 60 million 1970s-era magnetic stripe readers or re-education of its merchant base.

 “Dynamics has put together an experienced payments team and is delivering breakthrough technology to the market,” said Adams.  “The unique mixture of payments, technology and manufacturing expertise has created significant market traction.”

 “Adams Capital Management is an experienced investor, and a great partner in this first round of funding,” said Jeff Mullen, CEO Dynamics Inc.  “Their support and guidance will be an important asset as we continue to evolve as a company.”

 About Dynamics Inc.

The company has netted roughly $400,000 in winning many of the world’s most prestigious international business plan competitions, including the Rice Business Plan Competition, Carnegie Mellon McGinnis Venture Competition and the University of San Francisco Business Plan Competition.

 Dynamics Inc. was founded and seeded in 2007 by Jeff Mullen, its CEO.  Jeff is an inventor of over 90 pending/issued patents and holds a B.S. in Electrical and Computer Engineering and an MBA from Carnegie Mellon, as well as a JD from New York Law School.  Prior to starting Dynamics, Jeff was a patent attorney at the Fish & Neave Intellectual Property Group of Ropes & Gray LLP.

 Dynamics Inc. produces and manufactures intelligent powered cards such as advanced payment cards.  Focused on introducing fast-cycle innovation to top card issuers, the company’s first innovation is the world’s first fully programmable magnetic stripe for use in next-generation payment cards.  The company is based in Pittsburgh, Pa. and has an office in Silicon Valley (Cupertino), Calif.

Dynamics Wins Rice Business Plan Competition

Pittsburgh-based Dynamics, Inc.,  took the Rice Business Plan Competition’s first place prize of $20,000 in cash and $305,000 in investments and services.

A card-carrying Pittsburgh Technology Council member, Dynamics produces a paper-thin, flexible computer with high processing capabilities and low power requirements.  The computer can be laminated into a number of different card-based products.  Dynamics’ first product is the Dynamic Credit Card.  The card periodically changes a portion of a user’s credit card information – both visually and magnetically.  In doing so, the Dynamic Credit Card annually eradicates over $20 billion in credit card fraud and associated costs.

In addition, the company landed the prestigious $100,000 Technology Award from Opportunity Houston, which it can collect only if it moves from Pittsburgh to Houston. (Who wants to live in Houston any way? It’s hot and humid and full of strip malls. Trust me I know firsthand.)  Dynamics also won the coveted $125,000 investment prize from the GOOSE Society of Texas.

CNN even did a little write up about Dynamics and the competition. Check it out right here.