Vermont Center for Emerging Technologies

Vermont Exec Aims to Repeat Success
Mass High Tech: The Journal of New England Technology;
December 8, 2006; by Catherine Williams
A young Vermont software company reports it has reeled in $400,000 in seed funding.

Executives of PIEmatrix Inc. say the company has raised a combination of state and local funding from sources including the Vermont Economic Development Authority, the Vermont Community Loan Fund and the city of Burlington's Community and Economic Development Office.

The company, which is located in the Burlington-based technology incubator the Vermont Center for Emerging Technologies, was founded by entrepreneur and CEO Paul Dandurand.

Dandurand's track record includes the previous co-founding of FocusFrame Inc., which was sold to India-based Hexaware Technologies Inc. for $34 million in early November.

PIEmatrix specializes in collaborative software for CIOs and software engineering professionals. The software is designed to manage IT processes ranging from quality assurance product testing to cross-platform integration and implementation projects.

Since it was founded in 2005, PIEmatrix has grown from one employee to nine employees. Dandurand said he plans to use some of the money raised from the sale of FocusFrame to fund the next round of investment. The company is on an aggressive growth plan and is expected to target integration consultants such as Accenture Inc., and their clients.

PIEmatrix's funding success is a big win for the Vermont Center for Emerging Technologies, which is located on the campus of the University of Vermont. The incubator provides managerial services, university science expertise and laboratory space.

Two angel investors also contributed seed funds to PIEmatrix. Charlie Kireker, co-founder and managing director of FreshTracks Capital LP, is one of the private investors. Dandurand declined to name the other angel investor.
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