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Release: May 24, 1999

Veridical, LLC to affiliate with UI Technology Innovation Center

IOWA CITY, Iowa — The State Board of Regents, State of Iowa has approved a lease that will enable the technology start-up company Veridical, LLC to become the latest corporate affiliate of the University of Iowa Technology Innovation Center (TIC) on the Oakdale Research Campus in Coralville.

Veridical's lease of office space in the Technology Innovation Center at Oakdale is effective June 1.

Veridical is a full-service urban simulation company specializing in products that allow architects and developers to demonstrate what a proposed project will look like before construction starts. Using advanced computer graphics and simulation technology, Veridical develops real-time, "walk-through" simulations of planned construction and real estate projects. The 3-D models are useful in project presentations to prospective investors, city planners, and fellow workers. Veridical also offers presentation consulting, reseller services and software specification to architectural firms and real estate developers.

Richard Olauson, founding partner and in charge of business development for Veridical, said he is excited about Veridical’s future in Iowa and the company’s role in the architectural and real estate markets. "Real estate developers and architects can use our real-time simulation to take their project dreams and create an initial computer designed reality. As a result, architects and developers will receive quicker city approval, and the real-time computer simulation allows for better decisions on planning and design and reduces time to market. It's a win/win for the architect and developer and the customer," said Olauson.

Entrepreneurs Rick Olauson, Steve Pollack and Steven Zellers founded Veridical, LLC in November 1998. The management team has more than 25 years of real estate development and technology expertise.

Olauson of Long Beach, Calif., founding partner and business development director, is a real estate professional and has been associated with the Canadian real estate market for five years. He received a bachelor's degree in international business from the University of Southern California in 1991.

Pollack, of Aliso Viejo, Calif., is founding partner, president and acting chief financial officer. He was president of Access, Inc. in Chicago and currently manages Millennium Plastic World, LLC. He received a bachelor's degree in accounting from San Jose State University in 1987 and an MBA from Stanford University in 1993.

Zellers, of North Liberty, Iowa, is a founding partner and chief technology officer. He is currently a systems engineer in the Advanced Technology Center at Rockwell Collins in Cedar Rapids. Earlier, he was part of the UI simulator architecture and visual technology group that developed the Iowa Driving Simulator. Zellers received a master's degree in industrial engineering/human factors and ergonomics from the UI in 1997 and has bachelor’s degrees in electrical engineering and mathematics from the University of Wisconsin-Madison.

Veridical is privately funded and is currently working on a large construction project in Calgary, Canada with Opus Building Canada.

One of the University's technology transfer programs, the TIC was established in 1984 to nurture new technology-based business ventures and to encourage those companies to establish relationships with the UI.

With the addition of Veridical, the TIC will have 17 tenant companies. Eleven TIC "graduate" firms remain in business after leaving the incubator.

For additional information, contact Pollack at (319) 335-4195 or (949) 716-9900, or Tom Bauer, associate director of the TIC at (319) 335-4067.