At the same time, the state and private investors are pouring large sums of capital into the technology company.
Since March, the company has brought in
The money from
In return for accepting the state money, Core Infomatics has agreed to create or retain 84 jobs over the next five years.
The money from DECD came as a
Core Informatics will be eligible for
Achieving those employment threshold shouldn't be too difficult for the company to reach given the current growth rate of its workforce. A year ago at this time, Core Infomatics had 14 employees, said
Nine months later, when Core Infomatics got the DECD money in March of this year, the company had added 11 more workers. Now, the staffing level at Core Informatics is at 40 and the company is advertising to fill more than two-dozen additional jobs.
Core Informatics makes software that allows companies in a wide variety of fields -- from pharmaceuticals and genetic research to renewable energy and consumer products -- to quickly and easily access their data via a cloud-based computing network. Cloud computing, in its simplest terms, involves storing and accessing data and programs over the Internet instead of on a local computer's hard drive.
"Companies are very sensitive about the security of their data," Geballe said. "It's their lifeblood. But as cloud computing has become more and more mainstream, we have seen a huge increase in our number of clients."
The benefits of using cloud-based computing platforms, where Core Infomatics locates its software, Geballe said, is that they "enable speed, mobility, efficiency, collaboration and access to big data that have created tremendous value in other industries while reducing IT complexity and cost."
"Scientists conducting cutting edge research deserve similarly innovative software platforms which can easily adapt to support their work," he said.
The origins of Core Infomatics come from another
Two members of Core Infomatics management team, company co-founders
Including its two founders, Core Infomatics has a total of six former Neurogen employees working for it, Geballe said. Neurogen was acquired by
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