General Business

Formulus Black Welcomes New CEO

Venture-backed startup Formulus Black, based in Jersey City, has appointed Mark D. Iwanowski as its new CEO. Iwanowski is both an experienced senior executive of international technology companies, and a veteran of VC in IT, software, communications and clean technology startups.

He was most recently CEO & president of Global Visions-SV, Inc., a global consulting group focused on venture, M&A, and other early stage companies. At Global Visions he supervised the selection, mentoring and seed funding of 20 promising startups in the Republic of Georgia. Prior to that, he was managing director of Trident Capital, a top tier VC with average IRR exceeding 30 percent.

“I have been on both sides of the conference table, as a startup executive and a VC, and from an operational and capital-raising perspective Formulus Black is a unique opportunity,” said Iwanowski. “Today high-performance computing, analytics, machine learning and artificial intelligence applications are the rule, not the exception, in industries like finance, automotive, telecom, energy, defense, and bioscience – Formulus Black’s Forsa software is a transformational technology for these environments.”

Iwanowski spent four years at Oracle Corporation as senior VP, Global IT and CIO to guide Oracle into the Software as a Service (SaaS) business and was involved in the acquisition and integration of approximately $30 billion of complementary technology companies. For five years prior, he was COO of Science Applications International Corp.’s Telecom and IT outsourcing consultancy. He has also held executive positions with Raytheon, Honeywell, Applied Remote Technology (sold to Raytheon), Quantum Magnetics (sold to Invison then GE), and Neohapsis (acquired by Cisco). He serves on Richard Branson’s Virgin Galactic, The Spaceship Company’s, advisory board, which recently made its first successful commercial flight into space. Iwanowski played professional football for the New York Jets, Oakland Raiders, and Kansas City Chiefs. He holds a bachelor’s degree in engineering from the University of Pennsylvania, a master’s degree in engineering from California Institute of Technology, and an M.B.A. from National University.

Iwanowski replaces Dr. Carr Bettis who, for personal reasons, has stepped down as CEO and executive chairman.

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