Friday, September 30, 2005

Avexus Loses Co-Founder

San Diego-based Avexus said yesterday that Andrew Dumke, co-founder of the firm, chairman, and former CEO, has departed the company. The company said that Dumke's shares will be repurchased by Avexus in conjunction with a Series C funding round. No details of the Series C funding round were announced. In a prepared statement the firm said that Dumke would pursue other business opportunities. Avexus provides software for management of maintenance and repair and lifecycle management of assets like aircraft. The company is backed by Moore Capital, Palisades Ventures, QTV Capital, Red Rock Ventures, and Wall Street Technology Partners.

---