Fresnel Software Corporation, a world leader in the design and development of Vitruvi, a vertically integrated, GIS-based and mobile enabled, SaaS solution for the utility construction management industry, is pleased to announce that it has successfully closed its over-subscribed Series A private placement with both U.S. and Canadian strategic investors whose backgrounds include general contracting, utility asset ownership and B2B SaaS.
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The net proceeds raised from the financing will to be used by the Company to continue development and expansion of the capabilities of the Virtuvi Platform, support the implementation of its expanding customer base and fund the continued growth of its sales and marketing efforts, including expanding its presence in the United States, EU, UK and other overseas markets.
“This latest round of funding, together with our growing revenues, provides the basis of capital required to drive the platform and customer success operations to new heights, offering our customers and the broader construction market the ability to leverage the latest in cloud-based technology in order to bring their construction operations into the digital age,” states Vitruvi Founder and CEO, Bryan McIver. “Additionally, we will be able to continue investing in integration support for our industry partners in the adjacent domains of automated design, system of record, OSS/BSS and ERP.”
Executive Chairman Dean Coons states that, “Our over-subscribed Series A was a strong message from the strategic investment community that we have made sound technology and roadmap decisions with respect to the product, and that we have, and continue to, assemble a leading combination of innovative product developers and customer industry experts.”
The Financing was managed by Ernst & Young Corporate Finance (Canada) Inc. with assistance provided by Chrysalis Capital Advisors Inc.
The securities offered have not been, nor will they be, registered under the US Securities Act, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
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