StartUp PHL, the city initiative geared at growing Philly’s startup scene, announced on Wednesday it was closing its inaugural fund and moving on to Fund II.
But right before throwing on the lid, the first fund made one final investment: $100,000 from the StartUp PHL Angel Fund went to Termaxia, a big-data storage company currently in stealth mode. The investment was first disclosed Wednesday.
Termaxia was founded by Changbin Liu, the company’s CEO, who has a broad background in IT as a developer at AT&T and as a core developer in Openstack.
The company’s cofounder and Chief Scientist is Boon Thau Loo, previously known for founding Gencore Systems, another company in StartUp PHL’s portfolio. Loo is a professor in the comp sci department at the University of Pennsylvania.
— Boon Thau Loo (@boonthauloo) June 9, 2016
In keeping with its self-declared stealth status, no comment was immediately made available from Termaxia on the funding, although this brief quote was included in a press release from the Phildelphia Industrial Development Corporation:
“We are thrilled with the Angel Fund investment we received through the StartupPHL initiative,” said Liu. “Termaxia is developing a big data storage solution and the support of StartupPHL was critical in helping us get started.”
Inc. 5000 honoree Dropps keeps growing amid COVID-19, thanks to its direct-to-consumer model
A $25M Series B convinced Crossbeam to give away its services for free
Penn Wharton Entrepreneurship is rebranding, merging programs with other schools
Fertility and pregnancy test startup Stix raised a $1.3M seed round
Sign-up for daily news updates from Technical.ly Philadelphia