WALTHAM, Mass., Oct. 24, 2007 – Interactive Supercomputing, Inc. (ISC) received $11 million in new financing from current and new venture capital investors. Ascent Venture Partners, a new ISC investor, led the round, joined by Fletcher Spaght Ventures and current ISC investors Flagship Ventures, Rock Maple Ventures and CommonAngels. The new round brings ISC's total funding to $18 million.
The new financing will enable ISC to extend the company’s Star-P software into new markets and to support additional technical computing languages and libraries. Star-P enables scientists, engineers and analysts to build algorithms and models on their desktops using familiar mathematical tools – such as MATLAB, Python and R – and then run them instantly and interactively on parallel computers with little to no modification. Star-P eliminates the need to reprogram applications in C, Fortran or MPI in order to run on parallel systems. Reprogramming can take months to complete for large, complex problems, so Star-P yields dramatic improvements in productivity – or "time to answer" - and makes problem solving an iterative, interactive process.
Since its last round of financing, the Star-P parallel application development platform has garnered a number of major industry accolades, including being named one of Red Herring magazine’s top 100 private technology companies, and HPCwire’s Editors’ Choice Award for Most Significant New HPC Software Product.
Matt Fates of Ascent Venture Partners said his firm invested in Star-P because of the opportunity for breakthrough impact in science and engineering. "ISC's Star-P makes programming algorithms and software for high performance computers easier. Analysts, engineers and scientists can harness Star-P to solve their problems many times faster using any and all available computing resources. These folks are working on the world's toughest problems, and Star-P has the potential to help them unleash a flood of new scientific and engineering discoveries."
Ed Kania, managing director and chairman of Flagship Ventures, said his firm re-invested in ISC due to the rapid market acceptance of Star-P, especially in the areas of biological and life sciences, finance and research. "Though barely two-years old, Star-P has already been adopted by many of the country’s leading corporations, supercomputing labs and research institutions to help solve some of the most computationally challenging problems facing society," he said.
For example, in the areas of research and life sciences: NASA is using Star-P to improve next generation space telescopes and other stellar imaging applications; the University of Texas at San Antonio is reverse-engineering the brain with Star-P in a quest to build better computers; and the University of Virginia uses Star-P to dramatically improve medical ultrasounds for more timely diagnoses of breast cancer and other life threatening conditions.
"High performance computing has evolved from a nice-to-have to must-have technology for many research-driven organizations in order to stay competitive, whether its academic research or driving commercial product development," said Bill Blake, ISC’s CEO. "This new funding will infuse our engineering efforts to make Star-P more feature rich, higher performing and easier to use for a wide base of customers."
About Ascent Venture Partners
Ascent has been investing in early stage, emerging technology companies since 1985. In backing over 90 companies, Ascent has remained committed to its mission of investing in exceptional entrepreneurs striving to build innovative market leaders. Ascent is an active and supportive investor, taking pride in the number of entrepreneurs who choose to work with Ascent on multiple opportunities. With over 80 years of combined venture capital experience, the Ascent investment team manages $380M in committed capital, including its current fund of $140M. Additional information is available athttp:// www.ascentvp.com
About Fletcher Spaght Ventures
Fletcher Spaght Ventures (FSV) invests in high potential markets and companies identified by Fletcher Spaght, Inc.’s practice groups in High Technology, Healthcare and Corporate Growth. Fletcher Spaght, Inc. (FSI) was founded in 1983. The firm provides strategy assistance to new ventures, risk capital investors and large enterprises with emerging technologies or other growth opportunities. FSI conducts market research, competitive analysis and financial analysis to advise clients on the commercial potential of new ventures and the options for growing, funding or acquiring new businesses. For more information, visit http://www.fletcherspaght.com
About Flagship Ventures
Flagship Ventures is an early-stage venture capital firm focused on creating, financing, and building innovative companies in the Life Science and Technology sectors. Headquartered in Cambridge, Mass., Flagship Ventures was founded in 1999 and manages $700 million in capital. Prior to its founding, Flagship’s principals were involved as founders or investors in over 100 firms including: Adolor, AltaVista, Anesta, Antigenics, Aspect Medical, Astral Point, Celera Genomics, ChemGenics Pharmaceuticals, Color Kinetics, Chantry Networks, Cytyc, DataSage, Exact Sciences, IDEXX, PerSeptive Biosystems, Somatogen, Telecorp PCS and TripAdvisor. For more information, visit http://www.flagshipventures.com
About Rock Maple Ventures
Rock Maple Ventures is uniquely positioned to build leading-edge companies through in-depth experience, focus on new investments and a proprietary network for business partnerships. With $100 million in capital and over 30 years of real-world executive, investment and entrepreneurial experience, Rock Maple Ventures is an active, value-added investor. For more information, visit http://www.rockmapleventures.com
Named after Boston’s historic public meeting grounds, CommonAngels is a group of 65 leading private investors and several dozen limited partners in two co-investment funds. Since 1998, CommonAngels has funded 30 companies with over $30 million from CommonAngels and over $100 million from co-investors. For more information, visit http://www.commonangels.com
About Interactive Supercomputing
Interactive Supercomputing (ISC) launched in 2004 to commercialize Star-P, an interactive parallel computing platform. With automatic parallelization and interactive execution of existing desktop simulation applications, Star-P merges two previously distinct environments – desktop computers and high performance servers – into one. Based in Waltham, Mass., the privately held company markets Star-P for a range of biomedical, financial, and government laboratory research applications. http://www.interactivesupercomputing.com/