Mayor Nutter Announces Startup PHL Angel Fund Investment in Gencore Systems

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.

Penn faculty startup raises $100K from Startup PHL angel fund

March 26th, 2015 | Philadelphia Business Journal by Lauren Hertzler

A startup that spun out of the University of Pennsylvania’s computer science department just raised $100,000 from the city’s Startup PHL angel fund.

Penn computer science professor Boon Thau Loo and a group of graduate and undergraduate students founded Gencore Systems about a year ago. They spent years researching how to analyze huge volumes of network and cloud traffic, and built a product out of it.

Gencore is a software that allows companies that use public cloud infrastructure, such as Amazon Web Services and Rackspace, to monitor and understand how well their applications are performing in the cloud. It’s unique, Loosaid, because it’s “completely non-intrusive.”

“It provides detailed application performance metrics, yet requires no code modifications to existing applications or add performance overheads,” he said. “This makes it easy to install and adopt.”

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Life Post-Shark Tank At Scholarship App Startup Scholly

March 24, 2015 | forbes.com by Anne Field

When we last encountered Christopher Gray, he had recently launched Scholly, which has an app that streamlines the process of searching for college scholarships. Gray had previously won $1.3 million in school aid from a variety of groups.

Now the Philadelphia, Pa-based social enterprise has helped students raise at least $9 million, Gray and his co-founders are in the midst of raising a series A round, they’ve signed several major partnerships and launched a web site, according to Gray. And, oh yes, they recently won a $40,000 investment during an appearance on ABC’s Shark Tank, causing a ruckus in the meantime.

And Gray is getting ready to graduate from Drexel University in June.

The Shark Tank experience netted Gray a lot of attention, as well as an investment from panelists Lori Greiner and Daymond John. The investors offered their terms almost as soon as Gray finished his pitch, which is unusual for the show. (Gray says he actually pitched for 45 minutes to an hour, although only a few minutes of that made it to the final edit). Also, according to Gray, they gave him what he’d ask for–$40,000 and a total 15% stake. The hullabaloo happened after that, when the other sharks  got mad that a deal had been made without sufficient questioning and one of them, Robert Herjavec, walked out of the studio in a huff. According to Gray, the company’s social mission, combined with his own life story, are what sold the investors on the company.

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How this Philly Game Forge studio got its game on the front page of Sony’s PS4 network

Nearly four years after Sony first approached Final Form Games, the studio has just launched its “neoclassical” shooter, Jamestown+, for PlayStation4. It’s the second indie game built in Philly to make it to the platform.

March 18th, 2015 | Technical.ly Philly by Juliana Reyes

The story starts at the 2011 Penny Arcade Expo.

At PAX, as it’s known, the Philly team behind Final Form Games — brothers Mike Ambrogi Primo and Tim Ambrogi Saxon and developer Halsted Larsson (who recently left the company) — spent three days in Seattle showing off their PC game Jamestown, a multiplayer “neoclassical cooperative shoot-em-up” set on 17th-century British colonial Mars, at the biggest video game expo in North America.

The booth was completely free, their prize for being chosen as one of the “PAX10,” an indie game honor. That’s where they met Nick Suttner, a Sony account manager and the company’s unofficial indie game evangelist. Suttner was interested in Jamestown.

Back then, Sony had just started reaching out to indie game developers. Developer kits, industrial-strength PlayStations that you can plug into your computer and run live code on, were costly and barricaded by tough security measures. Suttner was excited enough about Jamestown that he got Final Form Games a PlayStation3 developer kit, but the team eventually decided it wasn’t the right time to pursue a PlayStation remake and shelved the project.

Now, three-and-a-half years later, in the thick of Sony’s aggressive indie game push, Final Form just launched Jamestown+ on PlayStation 4 last night as part of a spring PS4 indie promotion. Jamestown+ is one of eight games getting front-page play on PS4’s game network this season. This week only, you can get the game for $10.79 (it’s normally $11.99). Jamestown+ is the second Philly-built indie game to get released on PS4 (Cipher Prime’s Splice was the first).

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What Entrepreneurs Gain When They Venture Outside Of Silicon Valley

March 9, 2015 | forbes.com, by Leadnomics Founder Zach Robbins

As the founder of a Philadelphia-based startup, I’ve fielded the same question countless times as Leadnomics has grown: “Why haven’t you moved West?”Silicon Valley, along with other big startup hubs like New York and Chicago, has held the reputation as the most promising place to build a company — especially in tech — for decades.

However, recent trends among an increasingly large sector of youngentrepreneurs are redefining the optimal location to grow a company, making it even easier to answer the “Why not California?” question. As a result, a new model of startup hubs are popping up in what are considered “secondary markets” across the country, equipped with a set of advantages unique from Silicon Valley, many of which I have experienced first-hand…

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Mobile backend startup CloudMine picks up $5M

March 3, 2015 | Venture Beat by Jordan Novet

CloudMine, a startup that sells a cloud service for operating mobile apps and websites, is announcing today that it has picked up $5 million in new funding.

CloudMine offers several components for mobile developers to tap, including object storage, push notifications, load balancing, and mobile analytics. Such things can come in handy for companies that wish to build or expand their mobile presence but don’t wish to own the physical infrastructure for new apps to run on.

Of course, this area has proven interesting to investors, who have backed startups like Kidozen, Kii,and Kinvey, while enterprise software vendors have partnered with or even bought some startups with mobile backend services. Red Hat last year bought FeedHenry, for instance, while VMware relies on Kinvey’s service to deliver a mobile backend in its vCloud Air public cloud…

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