Dr. Victor Iannello

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  www.yesroanoke.net/newsletter/Dec07/default.htm - [Cached Version]
  Published on: 9/5/2008    Last Visited: 9/5/2008  

  Supplying his magnetic bearings, controls and power systems on a global basis is the goal of Dr. Victor Iannello, Founder, President and CEO of Synchrony Inc., in Valley TechPark in West Roanoke County.On November 29th, this task became a little easier when Iannello announced that Synchrony had secured $10,000,000 in Series B financing from Third Security, LLC and NewVA Capital Partners, LP.To read more, click here for the Roanoke Times article.
  
  Synchrony Inc. www.synchrony.com
  
  Dr. Victor Iannello (l), Founder, Chairman of the Board, and President of Synchrony Inc. being interviewed by a member of the media.
  
  CREATIVE MAVERICK RECEIVES RECOGNITION

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  www.yesroanoke.com/newsletter/april06/default.htm - [Cached Version]
  Published on: 4/24/2006    Last Visited: 8/11/2008  

  (L to R): Mike Wray, Chairman, Roanoke County Board of Supervisors; Dr. Victor Iannello, President, CEO and Founder, Synchrony Inc.; and Elmer Hodge, Administrator, Roanoke County.
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  Our mission is to be the global leader in magnetic control technologies" said Dr. Victor Iannello, President, CEO, and Chairman of the Board of Directors of Synchrony, Inc.In addition to Dr. Iannello, Synchrony's Board of Directors will include John Williamson, President, CEO, and Chairman of the Board of RGC Resources, Rob Patzig, Senior Managing Director of Third Security, Ted Melnik, President of Novozymes Biologicals, Dr. Dan Sable, President and CEO of VPT, and Matthew Crisp, Business Development Associate of Third Security."
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  Synchrony began as a home-based business in the Roanoke County home of its founder, Victor Iannello, in 1993.

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  www.roanoke.com/news/roanoke/wb/131333 - [Cached Version]
  Published on: 9/9/2007    Last Visited: 9/9/2007  

  "Right now, I am in an entrepreneur's dream situation," said Victor Iannello, founder and president of Synchrony, a Roanoke County technology company."We have these very exciting commercial opportunities, and we have the resources behind us to make it happen."
  
  "If we don't make it happen," he added, "it'll be our fault -- it's not because we don't have the money to do it, because we certainly do have the financial backing."
  
  Synchrony has received $1.2 million to $1.3 million from NewVa Capital Partners and $3.7 million to $3.8 million from Third Security, Iannello said.
  
  Iannello said the money allows his firm to develop and manufacture magnetic and electronic systems for high-speed rotating machinery.
  
  Without it, he noted, "Synchrony would have been a nice technology development consulting company that probably could have run until the day that I retired, but it would've never really fully achieved its full potential."
  
  Regional benefits
  
  Before Iannello knew about Third Security, he sought capital from a handful of other companies in Northern Virginia, Baltimore, Atlanta and New Jersey.
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  "At the end of the day, they're not going to make investments that are what I call 'charitable investments,' " Iannello said.

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  theroanoker.com/visitorguide/wheretowork/index.cfm - [Cached Version]
  Published on: 3/17/2007    Last Visited: 3/17/2007  

  "There's a lot of loyalty to this region," says Victor Iannello, the recently elected president of the Roanoke Valley Economic Development Partnership's board of directors.People that do leave the Roanoke Valley tend to do so only when they cannot find suitable employment or enough upward mobility, according to Iannello, who is also founder and president of automation systems manufacturer Synchrony.
  
  The tie to Virginia Tech.
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  Iannello says marketing empty lots to manufacturers and big box stores is not the future, at least not the only future.
  
  "More along the lines of incubating and developing local businesses," he says."I think its time we start to diversity our mix of activities in that organization."
  
  He points to small government grants his own company has been able to procure for development purposes, seed capital that has been used as a springboard.
  
  "That is the type of thing I'd like to see more of in the Roanoke Valley," he says.Iannello also notes that the region is underserved when it comes to venture capital although some efforts gave been made to rectify that in the last few years.Synchrony (see related story) itself did not use venture capital and has been bootstrapped from the beginning by Iannello and a small but talented staff.
  
  The combination of mechanical and electrical engineering that Iannello fondly calls mecatronics is one area that he thinks is ripe for growth; he says there is already a "core competency" of employers and employees in the area at companies including General Electric-Salem and Kollmorgen in Radford.His own firm has been able to attract engineers that have a mecatronics background and may have worked elsewhere first.
  
  Trends , and a fear of commitment?

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  dc.citybizlist.com/lstg/lstgDetail.aspx?id=27710 - [Cached Version]
  Published on: 11/29/2007    Last Visited: 12/8/2007  

  According to Synchrony Chairman and CEO Dr. Victor Iannello, this investment will allow the company to build on its recent successes, including the Fusion(TM) bearing, the only active magnetic bearing in the world that does not require an external electronic control system.The company will also continue to pursue strategic partnerships worldwide.
  
  "This year has been one of robust growth for our company, including the expansion of our research and manufacturing operations into a 58-thousand square foot facility.This substantial and continued commitment by Third Security allows us to continue our forward momentum and leverage our advanced technology solutions to customers worldwide," said Dr. Iannello.

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  www.techjournalsouth.com/news/article.html?item_id=4358 - [Cached Version]
  Published on: 11/29/2007    Last Visited: 11/30/2007  

  Synchrony Chairman and CEO Dr. Victor Iannello said this investment will allow the company to build on its recent successes, including the Fusion bearing, the only active magnetic bearing in the world that does not require an external electronic control system.The company will also continue to pursue strategic partnerships worldwide.
  
  The 28-employee company says it plans to double its staff size in 2008.
  
  "This year has been one of robust growth for our company, including the expansion of our research and manufacturing operations into a 58-thousand square foot facility," Iannello said.

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  www.roanoke.com/news/nrv/wb/162549 - [Cached Version]
  Published on: 5/20/2008    Last Visited: 5/20/2008  

  Other NCTC winners included Victor Iannello, president and chief executive officer of Synchrony in Salem; Bill Birdlebough, a teacher at James Breckenridge Middle School; and Gary Gogerty of Roanoke City Public Schools.
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  Iannello was honored with the council's Entrepreneur Award, while Birdlebough and Gogerty were given Educator Awards for their promotion of math, science or the use of technology in creative ways.

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  www.roanoke.com/business/wb/wb/xp-130833 - [Cached Version]
  Published on: 9/6/2007    Last Visited: 9/6/2007  

  Victor Iannello, Synchrony's founder, president and chief executive officer, said the company spent $1.2 million to equip the factory, which at 58,000 square feet is five times the size of the company's current home on Commonwealth Drive in Roanoke County, which will be closed within six months.
  
  Now with 28 employees, the company intends to hire 14 production workers during the next year and 14 others in research, engineering and sales.
  
  The chief executive bought lunch Wednesday for business community leaders and his employees under a big white tent on the front lawn of Synchrony's newly leased factory Valley Tech Park.
  
  "This facility is going to give us the capability to begin producing products at a very high volume," Iannello said.
  
  The company, founded in 1993 and focused on research and engineering to date, previously manufactured only prototypes and small orders.But that will change.The emergence of products from the laboratory and into the marketplace will begin "immediately," Iannello said.
  
  One customer, which he declined to identify, has ordered several hundred integrated drive trains annually.A drive train combines magnetic bearings, a motor and controls.
  
  The tipping point -- when revenue from product sales exceeds that from research and engineering -- will come in 2008, he said in an interview.
  
  "This announcement recognizes a transition from R&D to an organization that will derive most of its revenue from product sales," Iannello said.
  
  Iannello said that, unlike many other Roanoke Valley companies, Synchrony has not received taxpayer-funded incentives from state or local government to fuel its growth.
  
  He said the $14 million needed to bring the company to the verge of production came from $9 million earned under research contracts from such customers as the Department of Defense and Rolls-Royce and $5 million voluntarily invested by NewVa Capital Partners LLC in return for equity.
  
  NewVa is a venture capital pool funded by Carilion Clinic, the Virginia Tech Foundation and Third Security, a Radford private equity firm.
  
  Iannello, an engineer who started Synchrony at home using his family's savings, said Synchrony's progress all goes to demonstrate that it's possible to give birth to, nurture and fund a technology company in the Roanoke Valley.

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  www.roanoke.org/index.php?category=newsroom&content=69# - [Cached Version]
  Published on: 11/1/2007    Last Visited: 12/11/2007  

  "This is an important milestone for us because as we move our technology out of the laboratory and into the marketplace, it ensures that we can deliver our products in the large quantities and at the high quality levels required by our customers," said Dr. Victor Iannello, president and CEO.

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  www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/w - [Cached Version]
  Published on: 2/1/2006    Last Visited: 12/3/2007  

  According to Synchrony Chairman and CEO Dr. Victor Iannello, this
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  advanced technology solutions to customers worldwide," said Dr. Iannello.

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