PIDC and First Round Capital partner to invest in Philly startups
Philadelphia, March 27, 2015 – Mayor Michael A. Nutter announced that the Startup PHL Angel Fund has made a $100,000 investment in Gencore Systems, a software company based in Philadelphia founded by a computer science professor at the University of Pennsylvania.
“The growth of a vibrant startup economy is one of the most exciting developments to take place in this city over recent years and my Administration is proud to do all we can to continue to promote Philadelphia as one of America’s top startup cities,” said Mayor Nutter. “Through Startup PHL and a range of other initiatives we are providing the resources and support system to help exciting companies start, stay and grow in Philadelphia. Thank you to our partners at PIDC and First Round Capital for making this work possible.”
Gencore Systems offers a non-intrusive, network-based application performance management solution that provides deep-insights into service delivery and user experience of cloud applications, and helps troubleshoot performance bottlenecks in a proactive manner. The Gencore solution is compatible with both private and public cloud setups, as well as data centers that deploy state-of-the-art Software-defined Networking (SDN) technologies. The company is a spinoff from the University of Pennsylvania, and has incorporated award-winning research into its products.
“We are excited to receive the Startup PHL investment, and plan to use the funding to continue product development, and enhance our product through our ongoing pilot deployments with customers,” said Gencore Systems founder Boon Thau Loo. “Gencore Systems is delighted to be in Philadelphia. We have been able to benefit from a steady stream of engineering and business talent from local universities. Moreover, the community here is close-knit, and we have always been able to get advice from other entrepreneurs when approached. We look forward to growing the company here in this city.”
Startup PHL is an initiative between the City of Philadelphia, PIDC, and First Round Capital to support the growth of startups in Philadelphia. The Startup PHL Seed Fund and Startup PHL Angel Fund are partnerships between PIDC and leading venture capital firm First Round Capital to make investments in Philadelphia-based startups. Gencore Systems is the seventh company to receive an investment.
“We’re thrilled to be investing in a company with such deep roots in Philadelphia’s academic community, and are extremely excited to see what lies in store for Gencore,” said Josh Kopelman, Partner at First Round Capital.
The Startup PHL Call for Ideas is a grant program managed by the Department of Commerce providing grants to initiatives or organizations that are supporting startups and entrepreneurs in Philadelphia. The program has provided ten grants to date investing $217,400 in Philadelphia’s startup community through a range of organizations such as Startup Corps, Philly Startup Leaders, Ben Franklin Technology Partners, Campus Philly, and the Philly Dev Camp. An announcement of additional grants is expected to be made in the coming weeks.
To learn more about Startup PHL visit www.startupphl.com.