SILVER SPRING, MD — Motionsoft Inc. not only made Inc.'s 5,000 list last month, but the growth that put it on the list also helped it get some additional funding. The company says it will put that funding toward expanding sales, marketing and development.
Motionsoft, Silver Spring, MD, received a $5.5 million investment from Edison Venture Fund, Lawrenceville, NJ, last month.
“Motionsoft achieved impressive growth and repeated customer renewals,” Tom Vander Schaaff, vice president of analysis with Edison Venture, said in a release from the company.
Al Noshirvani, CEO of Motionsoft, added, “Edison's strategic counsel, growth experience and value-added resources will be instrumental to our success as we continue our expansion.”
As part of the deal, Gary Golding, general partner at Edison Venture Fund, and George Pappas, vice president of sales and marketing for Edison's portfolio company, Presidium, joined Motionsoft's board of directors.
Rumors that Noshirvani and his brother, Hossein Noshirvani, co-founder and executive vice president of Motionsoft, might sell the company can now be put to rest, Hossein Noshirvani wrote on the company's blog.