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Yes, it is the past tense and past participle of the verb 'to found'.

'Benjamin Britten founded the Aldeburgh Festival.'

The past tense and past participle of the verb 'to find' is 'found'.

'They found the answer to their question by visiting the library.'

Two completely unconnected verbs - do not confuse them!

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Q: Is founded a correct word to use?
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