Roseville startup CaSTT (Commerce and Search for Technology Transfer) has just closed on a $600k first round of equity financing, according to co founder Darren Cox.
Led by StarTec Ventures, the deal included Vance Opperman’s Key Investment, amongst other local investors, and Fidelity executive Mike Wilens. “Were blessed to have the intelligence and experience that come with the money,” Cox said speaking towards his new partners.
Originally invented at the University of Minnesota and commercialized last winter, CaSTT is a SaaS e-commerce engine and marketing platform which enables universities, R & D Labs and hospitals that conduct research to efficiently package and license their intellectual property (IP) over the web. Industry can search for, gather information about and actually license technologies without the need for human intervention, phone calls, or negotiation.
“I can’t believe we got Paul Stutler as our new COO,” Cox exclaimed when discussing the latest additions to the CaSTT lineup. “Paul is that rare entrepreneurial executive who has experience with scaling…he’s already playing a crucial role in growth.” Other recent hires include account manager Erin McMahon and lead application developer Isaac Bowen.
CaSTT’s current customers include University of Minnesota, the University of Michigan Ann Arbor and Columbia Univerity. Cox says CaSTT is talks with several major national research institutions, which in line with the vision of acquiring 130 customers next year.
“It’s nice to be able to breathe for a minute knowing that things are moving along, but we’re still putting one foot in front of the other, taking things one day at a time,” he concludes.