Persistent Systems, an India-based software product and technology services company, has launched Persistent Venture Fund, an early-stage, seed capital investment fund focused on supporting innovation across the globe in social, mobile, analytics and cloud computing (SMAC) technologies.
The fund’s inaugural investment is Ustyme, a US-based, free video-call app for iPad that creates “shared experiences around rich content like books and games”.
Sridhar Jagannathan, head, Persistent Venture Fund, said: “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.”
Linda Salesky, chief executive officer, Ustyme, said: “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.”