Persistent Systems launches Early Stage Venture Fund. Invests in ustyme
– By Prathamesh Patil
Pune based Persistent Systems has unveiled Persistent Venture Fund, an early-stage investment fund focused on supporting innovation in social, mobile, analytics and cloud computing (SMAC) technologies. The fund is focused on providing early stage companies from around the globe with seed capital for promising technology ventures.
The initial investment recipient is ustyme, a free, video-call app for iPad that creates shared experiences through quality content, like books and games. ustyme creates the context for spending time together and allows family and friends to read classic tales, such as “Goldilocks and the Three Bears” and “Henny Penny,” and play well known games, like Checkers, Chess and Go Fish, while seeing and interacting with each other through a video-screen.
As a leading global player in the software product development and technology services space, Persistent Systems intends to be a value-added partner to early stage entrepreneurs in its core sectors, investing in companies that have an advantaged solution and by enabling its investee companies to leverage Persistent’s domain expertise and customer reach to benefit the start-up.
“The Persistent Venture Fund enables innovative companies like ustyme to not only gain from our capital investment but to tap our seasoned engineers who are working with next-generation technologies,” said Dr. Sridhar Jagannathan, Chief Innovation Officer, Persistent Systems, Inc. and Head of the Persistent Innovation Venture Fund. “For Persistent Systems, investing in entrepreneurs who are pioneering development in the areas of our core competency brings benefits to the start-up and to Persistent. We look forward to actively working with our investee companies to enable their success.”
“We are delighted to have Persistent Systems as an invaluable investment partner and a trusted advisor. With the support from Persistent we will be able to augment our resources, expand our capacity and support our strategic international expansion” said Linda Salesky, CEO, ustyme.
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