Persistent Systems has launched an early-stage investment fund focused on supporting innovation in social, mobile, analytics and cloud computing (SMAC) technologies. The fund – ‘Persistent Venture Fund’ – will provide seed capital to early stage technology venture.
The Pune-based software products and technology services provider has also made an initial investment in ustyme, a free, video-call application for iPad.
“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 Sridhar Jagannathan, Chief Innovation Officer at Persistent Systems 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,” he added.
“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, Chief Executive Officer with ustyme.