Dynamics Inc., a Pittsburgh, Pa.-based developer and provider of innovative payment cards and systems, has closed a $35m Series B financing.
The round was led by new investor Bain Capital Ventures,with participation from an angel group of investors, including:
– Joseph “Rod” Canion, Founder and CEO, Compaq Computer (1982-1991)
– Michael Holthouse, Founder of Paranet and Prepared 4 Life
– Jack M. Gill, Founder and Managing Member, Vanguard Ventures,
– Leo Linbeck III, President & CEO, Aquinas Companies,
– Thomas R. Mullen, President and CEO, Mercy Health Services (MHS),
– Joseph F. Pinkerton, Founder & CEO, Clean Energy Labs,
– Arthur A. Ciocca, Chairman, The Wine Group, Inc.,
– Sean McDonald, President and CEO, Precision Therapeutics Inc.
– Nancy Chang, Founder and CEO, Tanox.
– Terry M. Giles, Founder of Landmark Education Enterprises Incorporated, Medical Design Technology, Great Escapes, and Giles & O’Malley,
– Kristopher Brown, Partner, Dechert LLP,
– Richard Inz, Assistant General Counsel, Purdue Pharma,
– Alan Gordon, Corporate Counsel, Profectus BioSciences, Inc.
– David N. Lambeth, Professor in the Department of Electrical and Computer Engineering and in the Department of Materials Science and Engineering at Carnegie Mellon University since 1989.
Dynamics plans to use the funding to increase the size of its team and production capacity to support the continued U.S. deployment of its technology, as well as continue to develop and deploy additional payments products.
In conjunction with the funding, Jeff Schwartz, Managing Director, Bain Capital Ventures, is joining the company’s Board of Directors.
Founded in 2007 by President and CEO Jeff Mullen, Dynamics produces and manufactures intelligent powered cards such as advanced payment cards. Innovative payments products include battery-powered contact chip “EMV” cards, battery-powered RFID “contactless” cards, and phone-based payment systems.
Update (in Italics): 15/07/2011