PSIM providers raises $15.6 million
PSIM provider VIDSys announced last week that it’s raised $15.65 million in one equity financing.
The investment was lead by NewSpring Capital. Previous investors Atlanta Equity, Flybridge Capital Partners, JVax Investment Group and Motorola Solutions Venture Capital also participated in the round.
I have a call into VIDSys and hope to speak to someone tomorrow about what the company plans to do with the new funds.
NewSpring Capital, is based in Radnor, Pa. It invested through its technology and business services growth equity fund, NewSpring Growth Capital. Marc R. Lederman, NewSpring general partner, has now joined the VidSys board of directors.
VIDSys' PR folks said that CEO Michael P. Jackson wasn't available for a call. They provided me with this prepared statement: “VidSys will use these funds to help grow and scale the company on a global basis beyond our existing footprint. ... We will also invest in further development of our core software ... for our public sector and enterprise clients.”