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.