Back in the late 1800’s Stamford was known as ‘The Lock City’ when Yale & Towne Lock Company dominated the South End and helped keep everyone’s valuables safe. A sign of the times, high tech co-working spaces now overlook the old Yale Lock manufacturing site. COMRADITY Strategy & Creative Resource Center is home to Wymsical, a cybersecurity company and makers of WAULT: a cloud-based software platform (a “virtual vault”) for issuing, storing and sharing verifiable vital documents.
$300k in pre-seed funding
With cybersecurity on everyone’s minds these days, Wymsical has created a solution that will put peoples' minds at ease. A person's most important personal documents will finally be secure; safe from cyber thieves. When the founders of Wymsical have their way, Stamford will be in the security business once again, and will build a reputation as a ‘Cyber City’.
Wymsical is making a name for themselves both nationally and globally. They won a FinTech Hackathon in Israel. Microsoft invited them to Seattle for a week long hackfest where top experts helped hash out key components of the product. They also received assistance from UConn’s Intellectual Property & Entrepreneurship Law Clinic to secure a patent on their technology.
Liwen Yaacoby, founder of Wymsical, knew Patty Meagher, Connecticut Small Business Development Center’s Technology Business Advisor, from mutual involvement in the Stamford tech scene. She sought out Patty’s help when she needed pre-seed funding to get the product built. Patty helped Liwen prepare the investor pitch and introduced her to a local angel group and to CT Innovations.
“Wymsical is taking on a massive challenge. Once people recognize how important cybersecurity is to their own personal security, I have no doubt that they will embrace this future and thank Wymsical for leading the way,” envisions Patty.
The WAULT prototype is fully functional. It is being beta tested at Sacred Heart University, and soon at Ferguson Library who will use the WAULT Private Network to safely and easily renew their patron's library card for the first time. The company has made a lot of progress with their initial $300k in capital from CT Innovations and angel investors. Patty will continue to work with Wymsical to help them navigate the fundraising waters as and when the need for more capital arises.
"Patty was instrumental in helping us secure our pre-seed capital. Her confidence in our team and enthusiasm for our product helped seal the deal. With Patty’s counsel, we’re confident we'll raise the funds we need to scale out and eventually reach our goal when everyone has their own WAULT," says Liwen.