Pictometry co-founder joins start-up CryptoLabs

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Stephen Schultz

Stephen Schultz, who co-founded a local business more than 20 years ago that grew to more than 300 employees, has been named chief technology officer for CryptoLabs, a start-up in Rochester Institute of Technology’s Venture Creations business incubator.

“We’re all really excited and honored to have Steve join our team,” said Melanie Shapiro, CryptoLabs CEO. “He brings the wisdom and talent that will help us bring our product to market and begin iterating for future versions of our technology.”

In 1996, Schultz co-founded Pictometry International Corp., an aerial imaging company where he was the first of more than 300 employees.

CryptoLabs is developing Case, a secure and easy-to-use bitcoin wallet. Bitcoin is a form of digital currency, created and held electronically.

CryptoLabs has been at RIT’s Venture Creations since April and has 11 employees with Schultz’s addition. The company plans to grow and tap resources from the Rochester area, Schultz said.

“One of the things I’ve learned in my career, it’s really about the people,” Schultz said. “Having met Melanie and her team, they are really strong people. And I love the aspect of being in a start-up.”

Both Schultz and Shapiro are RIT graduates. Shapiro received her BFA from RIT in 2007 and MBA in marketing in 2008 before earning her doctorate in management and marketing from Henley Business School at the University of Reading in 2012. Schultz, an RIT Trustee, received a bachelor’s degree in computer science from RIT in 1989.

Shapiro also has prior experience with start-up companies, having co-founded Digsby, which produced an app that linked social media.

“Now we’re both armed with the knowledge it takes to grow a company, and we can create a long-lasting venture that’s both profitable and a good place to work,” Schultz said.