Motionsoft Gets Funds for Expansion
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SILVER SPRING, MD -- Motionsoft Inc. received a $5.5 million investment from Edison Venture Fund, Lawrenceville, NJ, earlier this month. The money will go to expand sales, marketing and development, according to a release from Edison Venture Fund.
“Edison’s strategic counsel, growth experience and value-added resources will be instrumental to our success as we continue our expansion,” Al Noshirvani, CEO of Motionsoft, Silver Spring, MD, said in the release.
Tom Vander Schaaff, vice president of analysis with Edison Venture, said, “Motionsoft achieved impressive growth and repeated customer renewals.”
Motionsoft was ranked No. 1,172 on this year’s Inc. 5000 list and No. 102 in the business products and services division of the list. It had revenue of $6.3 million in 2009, a 253 percent growth rate since 2006.
On Motionsoft’s blog, Hossein Noshirvani, co-founder and executive vice president, wrote that the investment would now quell talk that his brother, Al Noshirvani, and he planned to sell the company. He also wrote that the cash would go to research and development.
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