The Captains of Industry were originally formed as a small investigative task force for the IMHS (Institute for Metahuman Studies) funded by a consortium of corporate interests. This was back in the days before the DEO or Checkmate were created by government mandate. The IMHS was headed by a former Suicide Squad associate, chief psychiatrist Simon LaGrieve. The team's founders included Maser, Firehawk and a former small time costumed criminal named Catalyst. Firehawk herself recruited the Silver Swan.