Rand Capital Corporation

Rand Capital Corporation is a business development company based in Buffalo, New York, that specializes in private equity investments. The firm focuses on providing equity and debt financing to lower middle market and small to medium-sized privately held companies, particularly those engaged in innovative products, technologies, or services. It primarily invests in sectors such as healthcare, consumer products, manufacturing, software, and professional services. Rand Capital targets companies with annual revenues up to $10 million and EBITDA up to $5 million, typically investing between $0.5 million and $1.5 million, with total investment rounds ranging from $1 million to $5 million. The firm seeks to be a lead investor and prefers to take minority stakes while aiming for a board seat in its portfolio companies. Rand Capital generally holds its investments for five to seven years and emphasizes opportunities in the Western and Upstate New York region, as well as areas within a three to five-hour drive from Buffalo, including parts of Canada. Established in 1969, Rand Capital combines venture capital with management expertise to foster business growth.

Brechtel CPA, Margaret Whalen

Vice President of Finance

Allen F. Grum

President

Daniel P. Penberthy

CFO

48 past transactions

Centivo

Series B in 2020
Centivo is a new type of health plan administrator that allows self-funded employers and clinicians to join forces and deliver high quality, affordable healthcare to their employees. An alternative to traditional insurance carriers or third-party administrators, Centivo offers the technology, network, claims processing, customer support, and population health management to fully administer health benefits for all or a portion of an employee population. The Centivo model emphasizes the partnership between individuals and their primary care team as the proper model to coordinate healthcare needs. Centivo’s clinical partners are dedicated to controlling costs and helping members navigate the healthcare system, aided by personalized patient/doctor matching tools. Members are rewarded for working with their primary care team and choosing high-value care and are supported through a user-friendly app and their concierge. Employers get an ally that diligently roots out waste and is accountable for performance. It was formed in 2017 and headquartered in New York, United States.

Centivo

Series A in 2018
Centivo is a new type of health plan administrator that allows self-funded employers and clinicians to join forces and deliver high quality, affordable healthcare to their employees. An alternative to traditional insurance carriers or third-party administrators, Centivo offers the technology, network, claims processing, customer support, and population health management to fully administer health benefits for all or a portion of an employee population. The Centivo model emphasizes the partnership between individuals and their primary care team as the proper model to coordinate healthcare needs. Centivo’s clinical partners are dedicated to controlling costs and helping members navigate the healthcare system, aided by personalized patient/doctor matching tools. Members are rewarded for working with their primary care team and choosing high-value care and are supported through a user-friendly app and their concierge. Employers get an ally that diligently roots out waste and is accountable for performance. It was formed in 2017 and headquartered in New York, United States.

Tilson

Series D in 2017
Tilson is a Maine-based independent information technology project management company. It is a high growth (three years on the inc. 5000), 100 employee team of telecom and information technology professionals with worldwide practice. Tilson provides services to industry and government in: Wireless site acquisition, construction, small cell and DAS for mobile carriers, public safety, and smart grid applications; Technology capital project turn-around; Information technology, including software development, project management, and information security; and Fiber optic engineering, permitting, and construction management. Tilson has offices in Portland, Maine, Syracuse, New York, Pittsburgh, Pennsylvania, and Foley, Alabama.

Tilson

Series D in 2017
Tilson is a Maine-based independent information technology project management company. It is a high growth (three years on the inc. 5000), 100 employee team of telecom and information technology professionals with worldwide practice. Tilson provides services to industry and government in: Wireless site acquisition, construction, small cell and DAS for mobile carriers, public safety, and smart grid applications; Technology capital project turn-around; Information technology, including software development, project management, and information security; and Fiber optic engineering, permitting, and construction management. Tilson has offices in Portland, Maine, Syracuse, New York, Pittsburgh, Pennsylvania, and Foley, Alabama.

Grainful

Venture Round in 2017
Grainful (BeetNPath, LLC) is a food company making chef-inspired, mouthwatering entrées that bring the wholesome goodness of oats to lunch and dinner. All products are made with steel cut oats, clean natural ingredients and are cooked to perfection under their watchful eye.

PostProcess Technologies

Seed Round in 2017
PostProcess Technologies is a provider of automated and intelligent post-printing solutions for additive manufacturing. The company's comprehensive system of proprietary software, patent-pending hardware, and additive-formulated chemistry works together to remove the bottleneck in the third step of additive manufacturing — post-printing.

ACV

Series B in 2017
ACV provides a pricing application (app) for franchise dealers. It offers ACV, a mobile auction platform that enables wholesale dealers to sell trade-ins by creating app-based auctions.

ACV

Series A in 2016
ACV provides a pricing application (app) for franchise dealers. It offers ACV, a mobile auction platform that enables wholesale dealers to sell trade-ins by creating app-based auctions.

Genicon

Venture Round in 2016
Genicon is recognized as an emerging leader in the design, production, and distribution of patented surgical instrumentation focused exclusively on laparoscopic surgery. Genicon is a privately held firm in which several of their shareholders are surgeons who utilize their products. Genicon remains today as it originated: a company driven to meet the needs of modern-day healthcare through the harmonization of clinical needs and the economic demands of a global healthcare system.

ClearView Social

Seed Round in 2015
Clearview Social is an employee advocacy platform created to help companies increase revenue through more effective and systematic use of social media. With Clearview Social, employees can share on Facebook, LinkedIn, and Twitter without leaving their inbox - helping companies bring in more business and increase exposure. Clearview Social gives marketers the ability to create a queue of content to be shared by the lawyers.

GoNoodle

Venture Round in 2015
Currently, 14 million kids play GoNoodle each month. GoNoodle gets kids moving to be their smartest, strongest, bravest, silliest, bestest selves. Short, interactive movement videos make it simple and fun to incorporate movement into every part of the day with dancing, stretching, running and even mindfulness activities. At school, teachers use GoNoodle to keep students energized, engaged, and active inside the classroom. At home, GoNoodle turns screen time into active time, so families can have fun and get moving together. GoNoodle launched in 2013.

SocialFlow

Series C in 2015
SocialFlow is a social distribution and monetization platform that is purpose-built for media companies. Their technology enables the world’s most successful publishers to easily distribute engaging social content while providing them monetization opportunities across multiple social networks. Their publishing software is used by tens of thousands of journalists across the world and extends the reach and engagement of editorial content and stories to the social sphere. SocialFlow’s advertising products help publishers create new revenue streams from their social efforts. With native solutions and AttentionStream sponsored post ads, SocialFlow helps media companies leverage the unmatched scale and distribution of social channels. Founded in 2009 and based in New York, SocialFlow’s client roster includes half of the top 150 media companies including Condé Nast, Meredith, The Associated Press, CNN, and the BBC.

Rheonix

Venture Round in 2015
Rheonix, Inc. operates as a biomedical device company. Its products include CARD (Chemistry And Reagent Device) system to miniaturize and automate new and existing assays in multiple fields. Its products and technology are used in human/veterinary in vitro diagnostics, food/water testing, SNP analysis for personalized medicine applications, homeland security/defense applications, process control and final product QC, and tissue culture analysis in a research or production setting. Rheonix, Inc. was founded in 2007 and is based in Ithaca, New York.

Loupe

Series B in 2015
Loupe is a customer loyalty tech company. We build products that help sit-down restaurants retain and reward loyal diners. Grow your restaurant with loyal diners and Loupe! Loupe has been committed to connecting great restaurants with hungry diners since 2010 and works with hundreds of restaurants across North America. A team of restaurant and small business experts, Loupe is based in Buffalo, NY.

SciAps

Venture Round in 2015
SciAps is a Boston-based portable analytical instrumentation company that offers field-hardened and portable analytical instruments that measure compounds, minerals, and elements. They are dedicated to inventing, engineering, providing, and servicing field-hardened, portable instruments to measure any compound, any mineral, any element anyplace on the planet. It was founded in 2012 and headquartered in Woburn, Massachusetts.

Genicon

Series B in 2015
Genicon is recognized as an emerging leader in the design, production, and distribution of patented surgical instrumentation focused exclusively on laparoscopic surgery. Genicon is a privately held firm in which several of their shareholders are surgeons who utilize their products. Genicon remains today as it originated: a company driven to meet the needs of modern-day healthcare through the harmonization of clinical needs and the economic demands of a global healthcare system.

GiveGab

Seed Round in 2015
GiveGab provides services for fundraising professionals to raise money online. Designed for cause-based organizations, community foundations, and education institutions, GiveGab offers a complete suite of products and services. The company was founded in 2011 and headquartered in Ithaca, New York.

Tilson

Series B in 2015
Tilson is a Maine-based independent information technology project management company. It is a high growth (three years on the inc. 5000), 100 employee team of telecom and information technology professionals with worldwide practice. Tilson provides services to industry and government in: Wireless site acquisition, construction, small cell and DAS for mobile carriers, public safety, and smart grid applications; Technology capital project turn-around; Information technology, including software development, project management, and information security; and Fiber optic engineering, permitting, and construction management. Tilson has offices in Portland, Maine, Syracuse, New York, Pittsburgh, Pennsylvania, and Foley, Alabama.

Grainful

Venture Round in 2014
Grainful (BeetNPath, LLC) is a food company making chef-inspired, mouthwatering entrées that bring the wholesome goodness of oats to lunch and dinner. All products are made with steel cut oats, clean natural ingredients and are cooked to perfection under their watchful eye.

Knoa Software

Series B in 2014
Knoa Software Task Mining delivers solutions that generate unique insights for the optimization of enterprise software and processes to support a company’s business objectives and digital transformation initiatives. Knoa’s patented software provides actionable metrics to ensure organizations realize the full value of their enterprise application investment. Knoa'sTask Mining solution delivers true end-to-end observability for critical business processes across enterprise applications, delivering strong and measurable ROI. The solution enables companies to identify process improvement opportunities, monitor process compliance and design automation strategies based on a holistic and user-centric view of as-is processes. Knoa has a long-term partnership with SAP (Solution Extension). SAP resells Knoa Task Mining and the product is integrated with SAP Signavio Process Mining. Key use cases include Cloud Migration, Task Mining, Employee Productivity, RPA, and HelpDesk responsiveness, whether it’s SAP, Oracle, or other enterprise applications. Knoa is committed to harnessing the power of generative AI for business process transformation and other use cases. Knoa provides solutions that help hundreds of corporations and government organizations throughout the world. Knoa partners with global and regional service providers, hosting, and technology leaders.

Empire Genomics

Series A in 2014
Empire leverages genomics technologies, its keen understanding of the medical system, the needs of clinicians to deliver precise and continuous testing expertise for the best in class oncology disease management tools. Empire is a leader in the field of molecular diagnostics services.

Chequed.com, Inc.

Series A in 2014
Chequed.com is a cloud-based Predictive Talent Selection™ platform is used by some of the world’s leading brands including SUBWAY® Restaurants, The Walt Disney Company, Hallmark, Aspen Dental and many others.

Rheonix

Venture Round in 2014
Rheonix, Inc. operates as a biomedical device company. Its products include CARD (Chemistry And Reagent Device) system to miniaturize and automate new and existing assays in multiple fields. Its products and technology are used in human/veterinary in vitro diagnostics, food/water testing, SNP analysis for personalized medicine applications, homeland security/defense applications, process control and final product QC, and tissue culture analysis in a research or production setting. Rheonix, Inc. was founded in 2007 and is based in Ithaca, New York.

CrowdBouncer

Series A in 2014
CrowdBouncer provides an API-driven solution for back-office pain points of any online alternative investment platform. The company provides transactional, compliance, and fiduciary services to crowdfunding portals that allow them to close crowdfunding transactions in compliance with the JOBS Act, 2012.

Rheonix

Venture Round in 2013
Rheonix, Inc. operates as a biomedical device company. Its products include CARD (Chemistry And Reagent Device) system to miniaturize and automate new and existing assays in multiple fields. Its products and technology are used in human/veterinary in vitro diagnostics, food/water testing, SNP analysis for personalized medicine applications, homeland security/defense applications, process control and final product QC, and tissue culture analysis in a research or production setting. Rheonix, Inc. was founded in 2007 and is based in Ithaca, New York.

SciAps

Venture Round in 2013
SciAps is a Boston-based portable analytical instrumentation company that offers field-hardened and portable analytical instruments that measure compounds, minerals, and elements. They are dedicated to inventing, engineering, providing, and servicing field-hardened, portable instruments to measure any compound, any mineral, any element anyplace on the planet. It was founded in 2012 and headquartered in Woburn, Massachusetts.

KnowledgeVision

Venture Round in 2013
KnowledgeVision Systems Incorporated provides on-demand tools to create interactive and multi-media Web presentations for companies and organizations. It offers an enterprise solution for creating on-demand synchronized video business presentations for the Web. The company's tool is used in sales and marketing presentations, product demonstrations, training, and organizational development sessions, CEO and senior management communications, knowledge sharing presentations, periodic financial reporting, and virtual roadshows, an on-demand replay of webinars, and interactive white papers. KnowledgeVision Systems Incorporated was founded in 2010 and is based in Concord, Massachusetts.

Intrinsiq Materials

Seed Round in 2013
Intrinsiq Materials manufactures highly functional electronic inks for use at room temperature, in air, enabling printed electronics today. Intrinsiq Materials offers a variety of electronic ink, including screen-printable, and inkjet copper ink, silicon inkjet, and nickel inkjet.

GiveGab

Seed Round in 2013
GiveGab provides services for fundraising professionals to raise money online. Designed for cause-based organizations, community foundations, and education institutions, GiveGab offers a complete suite of products and services. The company was founded in 2011 and headquartered in Ithaca, New York.

SciAps

Seed Round in 2013
SciAps is a Boston-based portable analytical instrumentation company that offers field-hardened and portable analytical instruments that measure compounds, minerals, and elements. They are dedicated to inventing, engineering, providing, and servicing field-hardened, portable instruments to measure any compound, any mineral, any element anyplace on the planet. It was founded in 2012 and headquartered in Woburn, Massachusetts.

SocialFlow

Series B in 2013
SocialFlow is a social distribution and monetization platform that is purpose-built for media companies. Their technology enables the world’s most successful publishers to easily distribute engaging social content while providing them monetization opportunities across multiple social networks. Their publishing software is used by tens of thousands of journalists across the world and extends the reach and engagement of editorial content and stories to the social sphere. SocialFlow’s advertising products help publishers create new revenue streams from their social efforts. With native solutions and AttentionStream sponsored post ads, SocialFlow helps media companies leverage the unmatched scale and distribution of social channels. Founded in 2009 and based in New York, SocialFlow’s client roster includes half of the top 150 media companies including Condé Nast, Meredith, The Associated Press, CNN, and the BBC.

GiveGab

Seed Round in 2013
GiveGab provides services for fundraising professionals to raise money online. Designed for cause-based organizations, community foundations, and education institutions, GiveGab offers a complete suite of products and services. The company was founded in 2011 and headquartered in Ithaca, New York.

Knoa Software

Series A in 2012
Knoa Software Task Mining delivers solutions that generate unique insights for the optimization of enterprise software and processes to support a company’s business objectives and digital transformation initiatives. Knoa’s patented software provides actionable metrics to ensure organizations realize the full value of their enterprise application investment. Knoa'sTask Mining solution delivers true end-to-end observability for critical business processes across enterprise applications, delivering strong and measurable ROI. The solution enables companies to identify process improvement opportunities, monitor process compliance and design automation strategies based on a holistic and user-centric view of as-is processes. Knoa has a long-term partnership with SAP (Solution Extension). SAP resells Knoa Task Mining and the product is integrated with SAP Signavio Process Mining. Key use cases include Cloud Migration, Task Mining, Employee Productivity, RPA, and HelpDesk responsiveness, whether it’s SAP, Oracle, or other enterprise applications. Knoa is committed to harnessing the power of generative AI for business process transformation and other use cases. Knoa provides solutions that help hundreds of corporations and government organizations throughout the world. Knoa partners with global and regional service providers, hosting, and technology leaders.

QuaDPharma

Venture Round in 2012
QuaDPharma was designed from the beginning to serve the needs of the pharmaceutical industry that relates to small-scale pre-commercial and commercial manufacturing. Dr. Panaro has synthesis expertise in Drug Discovery and Pilot Plant scale-up and has used these skills throughout his tenure at APP Pharma and Contract Pharmaceuticals Ltd.

Liazon

Series D in 2012
Liazon is an online benefits store that operates private benefits exchange for large and small businesses. Its flagship product, the Bright Choices Exchange, helps employers manage their health care costs by setting predictable budgets through a defined contribution funding strategy while guiding employees to purchase better coverage of health, dental, vision, life, disability, and other benefits. Launched in 2007, the platform’s operations are based in Buffalo, New York.

BinOptics

Venture Round in 2011
BinOptics Corporation manufactures monolithically integrated optoelectronic components. It offers directly modulated fabry-perot, directly modulated distributed feedback, and ring lasers; and custom integrated chips, such as edge- and surface-emitting lasers, monitoring and high-speed photodetectors, electroabsorption modulators, semiconductor optical amplifiers, beam couplers/splitters, waveguides, and on-chip lenses. The company offers its products for use in datacom and telecommunication applications, such as gigabit ethernet and PON applications, as well as advanced non-telecomunication applications. BinOptics Corporation was founded in 2000 and is headquartered in Ithaca, New York.

Liazon

Series C in 2011
Liazon is an online benefits store that operates private benefits exchange for large and small businesses. Its flagship product, the Bright Choices Exchange, helps employers manage their health care costs by setting predictable budgets through a defined contribution funding strategy while guiding employees to purchase better coverage of health, dental, vision, life, disability, and other benefits. Launched in 2007, the platform’s operations are based in Buffalo, New York.

Liazon

Venture Round in 2010
Liazon is an online benefits store that operates private benefits exchange for large and small businesses. Its flagship product, the Bright Choices Exchange, helps employers manage their health care costs by setting predictable budgets through a defined contribution funding strategy while guiding employees to purchase better coverage of health, dental, vision, life, disability, and other benefits. Launched in 2007, the platform’s operations are based in Buffalo, New York.

SOMS Technologies

Series B in 2008
SOMS Technologies produces the MicroGreen Engine Filter. The microGreen oil filter replaces a conventional oil filter assembly without requiring any modifications to the engine or filter housing. By continuously filtering a small portion of the engine oil through the patented microfilter system, the microGreenTM filtration system allows your vehicle to operate up to 30,000 miles without changing the engine oil.

Innov-X Systems

Venture Round in 2007
Innov-X Systems manufactures, sells and services field portable x-ray based analytical instruments providing real-time, non-destructive analysis to multiple industries with varied applications. Thousands of units are in use world-wide in remote areas or in demanding applications with continuous uptime requirements.

Synacor

Series C in 2006
Synacor's online content, portal and comprehensive front-end technology solutions enable MSOs, ISPs and telecommunications companies to bundle, promote and deliver narrowband and broadband premium content and services as part of existing Internet access products. Its solutions offer the combined strength of a flexible portal framework, a robust provisioning platform, a unified back-end and a network of in-demand standard and premium content enabling service providers to maintain critical contact with consumers as they shift from screen-to-screen while seeking increasingly personalized entertainment experiences.

Kionix

Venture Round in 2006
Kionix is a global leader in the design and fabrication of high-performance, silicon-micromachined MEMS inertial sensors. With its acquisition by ROHM Co., Ltd. of Japan on November 16, 2009, Kionix is positioned well to carry on its corporate mission to bring the best in MicroElectroMechanical Systems (MEMS) inertial sensor technology to the global marketplace.

GridApp Systems

Series A in 2005
GridApp Systems, Inc. develops and markets database automation software and solutions for the database automation and management in the United States and internationally. It offers GridApp Clarity, which provides a solution that manages the database infrastructure through various stages of the life cycle, and manages various task automation and arbitrary scripts on hosts and databases in the database environment within a view console; and Patchworks, an automated patch management service to build, certify, and deliver patch bundles. The company also provides database automation and Oracle RAC consulting, and customer installations services. It serves various industries, such as financial services, pharmaceuticals, telecommunications, education, eCommerce, and technology. The company has strategic partnerships with IBM Corporation, HP, Intel, and Oracle Corporation. GridApp Systems, Inc. was founded in 2002 and is based in New York, New York.

Gemcor

Acquisition in 2004
Gemcor, headquartered in West Seneca, NY, is a global leader in automated fastening systems and part positioning solutions used in the assembly of aircraft components. Founded in Buffalo, NY in 1937 by Thomas Speller Sr., Gemcor invented the automated fastening process to support U.S. aircraft production during World War II. Gemcor's Drivmatic® process quickly became an industry standard for automated aircraft assembly. www.gemcor.com

Synacor

Venture Round in 2004
Synacor's online content, portal and comprehensive front-end technology solutions enable MSOs, ISPs and telecommunications companies to bundle, promote and deliver narrowband and broadband premium content and services as part of existing Internet access products. Its solutions offer the combined strength of a flexible portal framework, a robust provisioning platform, a unified back-end and a network of in-demand standard and premium content enabling service providers to maintain critical contact with consumers as they shift from screen-to-screen while seeking increasingly personalized entertainment experiences.

D’Lisi Food Systems

Venture Round in 2004
D'lisi Food Systems, Inc. produces and distributes private label and branded; and frozen pizzas.

Synacor

Series C in 2003
Synacor's online content, portal and comprehensive front-end technology solutions enable MSOs, ISPs and telecommunications companies to bundle, promote and deliver narrowband and broadband premium content and services as part of existing Internet access products. Its solutions offer the combined strength of a flexible portal framework, a robust provisioning platform, a unified back-end and a network of in-demand standard and premium content enabling service providers to maintain critical contact with consumers as they shift from screen-to-screen while seeking increasingly personalized entertainment experiences.

DataView

Convertible Note in 1999
Applying insider knowledge gained from years of professional trading experience on and off the floor, running money for major New York hedge funds, and currently managing a hedge fund, MarketGauge's master traders created the powerful proprietary web‐based software tools HotScans, BigView, the Nuggets List and the ETF Monitor. These subscription‐based tools have been built for thousands of individual traders as well as institutional clients such as Reuters, Barrons' Online, Fidelity, Intershow, and Townsend Analytics. With the recent release of its revolutionary Opening Range Success Formula, MarketGauge established itself as the thought leader in statistical edge education based on the opening range. As specialists in the opening range trading strategy ‐‐ which derives from market action early in the trading day ‐‐ MarketGauge designed the Opening Range Success Formula to give traders of all styles a proven statistical edge that can be used to set a profitable course for trades regardless of market condition. The opening range is a trading strategy that underpins almost all of MarketGauge's trader training, serving as the foundational strategy for classes ranging from Position Swing Trading to Calendar Ranges. And you can learn how to use it for your own trading. In addition, MarketGauge has pioneered trader education responsive to real-time market conditions with the in‐depth trader training video newsletter Mish's Market Minute – Premium. Produced four times a week by market analyst Michele Schneider, Mish's Market Minute – Premium delivers trade set ups and recommendations in the morning (based on Michele's comprehensive market analysis) that can be traded that same afternoon. In addition, Mish communicates position adjustments via Twitter throughout the week, guiding subscribers as trades unfold. Subscription to Mish's Market Minute – Premium comes with full access to the Nuggets List and ETF Monitor, the MarketGauge software tools that inform Mish's recommendations. MarketGauge's online trading education, and its unique focus on leveraging the opening range, result from co‐founders Keith Schneider and Geoff Bysshe's over 60 combined years of first‐hand trading experience. Courses teach how to trade and thoroughly cover the core requirements for trading success, including: Advanced trading strategies, technique & tactics Charting basics to advanced charting Personalized trading plans Emotional mastery Position sizing Market analytics Risk & money management.
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