BEVERLY, Mass., Dec. 1, 2010 (GLOBE NEWSWIRE) -- Envista Corporation, the world's leading provider of map-based coordination for smarter, safer streets, today announced it has secured $4.1M from seven investors toward a $7.6 million equity-based funding round. The company's initial investors included New England-based Borealis Ventures (Hanover, NH), Egan-Managed Capital (Boston, MA), and Point Judith Capital (Providence, RI). Envista will leverage the capital to fund business expansion and product development to meet global demands to manage new and existing infrastructure assets in towns and cities worldwide.
In the third quarter, Envista's customer growth rate increased by 30% over last FYQ3. In the same period, Envista's Smarter Streets web solutions reached a new milestone, now hosting information on more than 100,000 projects underway in the U.S. and Canada. Among the many new customers added this fiscal quarter, Envista is pleased to now be working with the cities of Norfolk, Va. and Portsmouth, Va., as well as the District of Columbia Water and Sewer Authority, Hampton Roads (Va.) Sanitary District, Pepco Holdings, Inc., City of Providence, and Shaw Communications. Among the customers renewing their subscriptions to Envista web solutions are the cities of Baltimore, Md., Lowell, Mass., Providence, R.I., Sacramento, Calif., and Washington, D.C., as well as the Providence (R.I.) Water Supply Board, Trigen-Baltimore Energy Corp., and Washington (D.C.) Gas.
"With this new round of funding, Envista is well positioned to expand business initiatives both domestically and abroad, while continuing to aggressively innovate customer-driven solutions that reduce project delivery time, save money, enhance the safety of streets and roadways, and minimize environmental impact." states Mark Prestipino, Envista CEO.
In July 2010, Envista introduced Smarter Streets, a suite of web modules that geo-locate on a dynamic map all activities occurring in the public right of way. The entities responsible for these activities can then manage and coordinate their respective projects, incidents and events to improve the performance and safety of streets and roadways. Envista's innovative web-run software also links planned or unplanned events to traffic management, and allows subscribers to access and share detailed information, including contact information, project and event schedules, conflicts, opportunities and more, all through a standard web browser.
About Envista Corporation
Envista allows all organizations with a vested interest in the public right-of-way to communicate and coordinate more efficiently and effectively. Through dynamic map-based solutions delivered via the web, Envista provides visibility and real-time insight into street projects and activities, enabling proactive management of utility projects, public works, permitting, incidents, traffic, and community events to optimize street performance, reduce costs, and minimize environmental impact. Envista headquarters are located north of Boston in Beverly, Mass. For more information, call Envista at (978) 232-6300 or visit www.envista.com.
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Link to press release: http://www.envista.com/content1266