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LogicLibrary lands millions in funding

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By Bob Freund

freund@postbulletin.com

A group of venture capital firms is supplying close to $6.5 million worth of new financing to LogicLibrary Inc., which operates its main development and marketing office in Rochester.

The 18-month-old firm makes a Web-enabled engine called Logidex. It searches internally and on the Internet for various modules of software that developers can use to customize programs for their businesses. It also files them for future use.

Four firms led by Birchmere Ventures of Pittsburgh are providing a second round of funding for the start-up. Others cooperating are U.S. Trust's Excelsior Venture Partners III, Novak Biddle Venture Partners, and the Future Fund.

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The new backing increases the amount of capital raised by LogicLibrary to about $12 million, the company said in an announcement this morning.

The Rochester office, one of three for the Pittsburgh-based firm, is located at 1422 U.S. 14 West. It has a staff of 22. Many are veterans of IBM's San Francisco Project, a Rochester-based initiative that also assembled software using components that fit together. Its advances became part of IBM's Websphere e-software.

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