Persistent Systems, a software product and technology services provider, has launched Persistent Venture Fund, an early-stage fund to provide seed capital to companies operating in the areas of social, mobile, analytics and cloud computing (SMAC). The fund has already announced its first investment in US-based ustyme, a free video call app for iPad. 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 global player in the software product development and technology services space, the company 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.