August 18, 2011 07:00 AM Eastern Daylight Time
Leading Payments Industry Innovator Prepares for High-Volume Next-Gen Magnetic Stripe Production
PITTSBURGH--(BUSINESS WIRE)--Dynamics Inc., an innovator in next-generation payment cards, today announced it has purchased a state-of-the art facility in the Pittsburgh, PA region to serve as its new world headquarters. Dynamics worked closely with the Regional Industrial Development Corporation of Southwestern Pennsylvania (RIDC) to purchase the facility, which will house Dynamics’ administrative, engineering, manufacturing, secure payment card personalization, and R&D departments.
“Dynamics now has a world-class consumer electronics production facility that is a first for the payments industry”
“Dynamics now has a world-class consumer electronics production facility that is a first for the payments industry,” stated Jeff Mullen, Dynamics’ CEO. “We are experiencing very strong demand, especially for our next-generation magnetic stripe products. This facility gives Dynamics the capacity to scale to this demand and produce tens of millions of these next-generation payment cards per month – a capacity that rivals even the largest consumer electronics manufacturers.”
Dynamics is currently in the process of moving its proprietary high-volume production equipment into the approximately 115,000 square foot facility, of which nearly 100,000 square feet is conditioned “clean room” engineering and manufacturing space. The facility is located on approximately 8 acres of property. Dynamics is also securing a portion of the facility so that its next-generation magnetic stripe cards can be personalized under the Visa, MasterCard, and American Express networks on behalf of its card issuers.
“Our mission at RIDC is to assist the growth of technology and manufacturing assets in the region,” stated Don Smith, President, RIDC. “We worked closely with Dynamics to ensure that the volume manufacturing and personalization of these devices, invented here in Pittsburgh, would not only stay within the United States, but here in the Pittsburgh region.”
“RIDC’s assistance allowed us to secure, close, and move into one of the regions highest quality conditioned and 'clean' manufacturing spaces in less than 20 days,” stated Jeff Mullen, Dynamics’ CEO. “I do not know of another region that has an asset such as the RIDC. We are now working with the RIDC on a number of additional initiatives within the region that will provide Dynamics with additional competitive and differentiating assets.”
About Dynamics Inc.
Dynamics Inc. was founded and seeded in 2007 by Jeff Mullen, its President and CEO. Dynamics produces and manufactures intelligent powered cards such as advanced payment cards. Focused on introducing fast-cycle innovation to top card issuers, the company's first commercial application is the world's first fully card-programmable magnetic stripe for use in next-generation payment cards. The company has won many of the world's most prestigious international business plan competitions, including the Rice Business Plan Competition, Carnegie Mellon McGinnis Venture Competition and the University of San Francisco Business Plan Competition. The company won DEMOgod and the $1M People's Choice Award at DEMO Fall 2010 and Best of Show at FinovateFall 2010. In January, the company won Best in Show at the 2011 International CES for Personal Electronics. Dynamics has closed a $5.7M Series A round led by Adams Capital Management and a $35M Series B round led by Bain Capital Ventures. Dynamics is headquartered at 493 Nixon Road, Pittsburgh, Pa. More information on the company, its technology and applications can be found at www.poweredcards.com.
About RIDC
The Regional Industrial Development Corporation of Southwestern Pennsylvania (RIDC) is a private, non-profit organization that focuses on a regional approach to economic development. Established in 1955, the RIDC was formed to foster new employment opportunities and to diversify the regional economy of southwestern Pennsylvania. Through a wide range of real estate development activities, RIDC provides development, finance and leasing of new and redeveloped buildings and stands ready assist the growth of businesses through the Pittsburgh region.
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