Angel investor group backs ‘auditory display’ firm
A Hanover-based company that has developed software to help Wall Street traders take in more data is the first investment of the Mount Washington Valley Economic Council’s First Run Angel Group.
Accentus, founded in 2002 under the auspices of the Dartmouth Entrepreneurial Network at Dartmouth College, has received a funding boost from investors to help advance its software product.
The product is based on the concept of “auditory display,” according to James Perkins, chief executive officer of the firm. It is geared primarily toward the financial services industry and, when installed on desktop computers, uses music and music-like tones to communicate data to Wall Street traders while they are simultaneously viewing information on their computer screens.
“Auditory display is digital data for your ears,” said Perkins. “The simple advantage of auditory display is that you don’t have to look at it. Instead of missing something on the screen, you’ll always be aware of it in the auditory sense.”
A handful of traders are using the software now, and, encouraged by their feedback, the firm has decided to go to the next level. The investment by First Run Angel Group will be used to further develop the software and open a sales office in New York.
First Run Angel Group was created by Mount Washington Valley Economic Council nearly two years ago to unite entrepreneurs with investors who are interested in helping to fund startup or early-stage companies.
Jac Cuddy, executive director of the Mount Washington Valley Economic Council, says there are about 25 certified investors in the group. Every quarter they hear presentations from entrepreneurs who are looking for what Cuddy called a “capital infusion” to help their businesses grow.
Investors can decide individually or collectively whether they are interested in backing a business.
In the case of Accentus, there are approximately seven or eight certified investors involved, Cuddy said. Certification as an investor is based on assets and income.
There are similar investment groups elsewhere in the state, including the East Coast Angels in Portsmouth, Granite State Angels in Grafton County and Breakfast Club in Nashua. Cuddy said John Bruni, chairman of the economic council’s First Run Angel Group, is working with other groups in trying to create a network of investors statewide.
More information on First Run Angel Group is available at firstrunangelgroup.com, or by calling the economic council at 447-6622.