BEVERLY, Mass., May 29, 2007 (PRIME NEWSWIRE) -- Envista Corporation, a solutions provider of asset management technology for built infrastructure, announced today it has secured $5M in Series A funding. New England-based investors in the round were Borealis Ventures (Hanover, NH), Egan-Managed Capital (Boston, MA), and Point Judith Capital (Providence, RI). The company will use the capital to fund business expansion and accelerate product development to meet the nation's growing need to manage infrastructure assets in towns and cities from coast to coast.
America currently faces an enormous backlog of infrastructure repairs. "The U.S. faces a $1.6 trillion deficit in needed infrastructure spending through 2010 for repairs and maintenance," according to a recent Wall Street Journal article on a study entitled "Infrastructure 2007: A Global Perspective" (Urban Land Institute and Ernst & Young). Envista technology enables public and private entities to better utilize resources, improve services, and address the critical needs of aging infrastructure.
"Our investment in Envista presents a timely 'mashup' of AEC experience with the rapid proliferation of geospatial web technology," states Jesse Devitte, Managing Director and Co-founder of Borealis Ventures. "The company is poised to offer the marketplace products of exceptional value."
"The financial markets in the U.S. and abroad are paying close attention to the problem of aging infrastructure and Envista has a fresh approach to the problem. It is just the kind of high tech company in which Egan finds success," states Travis Connors, partner at Egan-Managed Capital.
David Martirano, General Partner at Point Judith Capital, adds "We are pleased to add Envista to our investment portfolio. The Envista team has the vision and experience to innovate the next wave of mapping and location-based technology."
"The success of our Series A funding has enabled us to partner with seasoned investors with expertise in early stage technology companies. Their insight and experience will be highly valued by the Envista team," states Rick Fiery, CEO of Envista Corporation. "Envista is well positioned to innovate industry-leading asset management solutions for built infrastructure, and the new funding will ramp up our business plan for 2007."
About Borealis Ventures
Borealis Ventures is a seed and early stage venture capital firm uniquely focused on investing in companies in Northern New England and throughout the Dartmouth College network. From its base in Northern New England, Borealis invests in application software, Internet and mobile media, technology commercialization, and other high-growth opportunities.
For more information, visit http://www.borealisventures.com.
About Egan-Managed Capital
Egan-Managed Capital is a New England-based venture capital firm that provides funding for early-stage high-technology start-ups. The firm delivers field-tested strategies, first-hand technology expertise and hands-on management involvement. Founded in 1997, Egan-Managed Capital currently manages funds with $233 million in committed capital.
For more information, visit http://www.egancapital.com.
About Point Judith Capital
Point Judith Capital is a leading early-stage venture capital firm partnering with outstanding entrepreneurs building communications, Internet, healthcare and technology companies. Point Judith Capital has a strategic partnership with Tudor Investment Corporation, a premier alternative asset management firm with $15 billion under management.
For more information, visit http://www.pointjudithcapital.com.
About Envista Corporation
Envista Corporation develops enterprise software for the strategic and financial management of built infrastructure assets. Envista solutions are designed for utilities, government institutions, defense agencies, and other companies who build, manage, or maintain infrastructure. Based on data models integrated with geospatial web environments, Envista technology enables public and private entities to better utilize resources, improve services, and address the critical needs of aging infrastructure. Formed in 2007, Envista Corporation's worldwide headquarters is located in the Boston suburb of Beverly, MA. For more information, Envista can be reached at (978) 564-3045 or visit their web site at www.evistasoftware.com.
Link to Press Release: http://www.envistasoftware.com/page155.html