Vermont Center for Emerging Technologies
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High-Tech Company Set to Break Away From Incubator
The Burlington Free Press; Tuesday, November 28, 2006;
by Dan McLean, Free Press Staff Writer
 
PIEmatrix Inc., one of the first wave of high-tech startups at the Vermont Center for Emerging Technologies, has secured $388,000 in loans to help the company emerge from the incubator, the company's founder said.

PIEmatrix has eight full- and part-time employees, not counting president and founder Paul Dandurand.

"We're going to grow very quickly," he said Monday. "I expect, this time next year, we'll be double, if not more."

PIEmatrix is building an Internet-based application to enable companies to better manage projects while reducing risk and cost.

"It's a project management application to help manage different types of projects process methodologies" that include accounting and financial disclosure regulations, budgets and quality assurance, said Dandurand, 48, of South Burlington.

"We don't expect to go live until early next year," he said. "We are still in the development stage."

The University of Vermont, St. Michael's College and Fletcher Allen Health Care are among the institutions that have agreed to use a test version of PIEmatrix's software.

The nascent company's Web site answers few specific questions about PIEmatrix's applications.

"You may be curious, but since it's still a secret, you'll have to wait a little longer," the home page states. "Stay tuned!"

PIEmatrix was founded in early 2005 and is one of the initial members of the Vermont Center for Emerging Technologies at UVM's Trinity Campus. Dandurand plans to remain at the center -- known as VCET -- until PIEmatrix moves to downtown Burlington in 2007.

The Vermont Center for Emerging Technologies, the high-tech incubator in UVM's Farrell Hall, has been "very helpful" in making connections with the Vermont Economic Development Authority and FreshTracks Capital of Middlebury, a venture capital firm that invested in PIEmatrix.

"I had to do my own leg work to get them interested," Dandurand noted.

"VCET is increasingly the first stop for Vermont's high-tech entrepreneurs seeking a base of operations, logistical and managerial support and financing" said Thomas Rainey, the center's president.

The nearly $400,000 in loans is from the Vermont Economic Development Authority, the Vermont Community Loan Fund, Burlington's Community and Economic Development Office, Wells Fargo Bank and three angel investors, one from Vermont and two from New Hampshire.

The last company Dandurand founded, Focus- Frame in California in 2000, was sold to Hexaware Technologies for $34.3 million.

On Monday, Dandurand said he doesn't know if he will ultimately sell PIEmatrix.

Either way, he would like the company to remain in Vermont.

Contact Dan McLean at dmclean@bfp.burlingtonfreepress.com.
     
 
 
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