Slater Technology Fund Invests in Fast-Growing Providence Software Company Dynadec
Commits $350K to Brown University-Backed Venture Developing Advanced Optimization Technology
Providence, R.I., January 11, 2009 – The Slater Technology Fund today announced that it has committed $350,000 in funding to Dynadec, a new company spun out of Brown University’s Optimization Laboratory. Pascal Van Hentenryck, a computer science professor at Brown University who founded the company in 2007, is widely acknowledged as one of the worly’s leading optimization experts.
Dynadec develops optimization solutions based upon its patented software platform, Comet™. The worly’s most comprehensive software platform for solving complex optimization problems, Comet combines multiple advanced programming techniques, including constraint programming, constraint-based local search, and dynamic stochastic combinatorial optimization into a single, integrated environment. The next-generation platfory’s high-level modeling capabilities and native parallelism represent a significant technical breakthrough for the industry.
Comet is used to solve complex operational challenges in a wide array of areas, including logistics, scheduling, and supply chain optimization, and delivers significant ROI by improving efficiency and decision making. Dynadec, which has offices in Providence, R.I. and Louvain-La-Neuve, Belgium, prides itself on combining its award-winning platform with world-class operations research expertise. The company has licensed its software and solutions to a growing number of customers around the world.
"Dynadey’s team and technology are the foundation for something really special," said Thorne Sparkman, managing director of the Slater Technology Fund. "When Dynadec aims its next-generation platform at corporations’ biggest, toughest problems, I fully expect them to change the game in optimization."
"We appreciate Slater’s commitment to Dynadec," said Dynadec Chairman Jeff Vogel. "As we continue to expand our customer base and look toward wide adoption of our software and solutions, we expect to benefit greatly from the support provided by Slater’s financial and business resources."
About Slater Technology Fund
The Slater Technology Fund is a state-backed venture capital fund that invests in new ventures committed to basing and building their businesses in Rhode Island. Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.
Dynadec develops next-generation business decision optimization solutions that enable enterprises to solve their most challenging and complex operational problems. Dynadey’s hybrid optimization solutions for logistics, workforce management, and resource scheduling are based on the company’s Comet™ platform, which includes patent-pending dynamic stochastic combinatorial optimization algorithms developed by world-renowned optimization expert Pascal Van Hentenryck, Dynadey’s founder. Comet™-enabled solutions are used by enterprises in a variety of industries including transportation, CPG, healthcare and energy. For more information, visit www.dynadec.com.
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Laura Nelson or Kaycee Roberts
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