TECHNOLOGIES INC. CLOSES $5 MILLION SERIES B ROUND FINANCING.
Model Proves Viable in Spite of Down Economy
AUSTIN, Texas July 16, 2002 Despite the economic conditions
that have proven drastically unfavorable to the technology industry
and the absence of widespread venture capital funding, RealVue Simulation
Technologies Inc. has closed a $5 million series B round of financing.
Support for the RealVue business model is demonstrated by the funding
from investors lead by Gartner affiliate SI Ventures, along with
Walden VC. The series A round investors also participated in the
series B round financing.
RealVue provides custom software to the commercial industrial and
manufacturing sector, simulating complex equipment and greatly reducing
both the life cycle cost of equipment ownership and the training
costs. RealVue supports multiple delivery options for providing
training, including over-the-Web, instructor led, virtual
classroom and stand-alone CD.
The fact that RealVue has been able to close this funding
in the midst of the economic downturn is a real testament to the
viability of our business model, said RealVue President and
CEO Phil Ellett. Right now, there just arent many new
companies that are able to close funding and demonstrate that theyre
in it for the long-haul, and of those that are, RealVue is the only
one that plays in the custom simulation software space.
The funding is expected to carry RealVue through to profitability.
Rather than focusing its efforts on seeking additional funding,
the company will concentrate on further product development, sales
and marketing. RealVue holds an exclusive licensing agreement with
equity investor Lockheed Martin, which has completed more than seven
years of R&D in the creation of the software that serves as
the blueprint for the customized simulation software.
About RealVue Simulation Technologies Inc.
RealVue Simulation Technologies Inc. provides custom simulation
software to the commercial industrial and manufacturing sector.
RealVues innovation lies in its ability to quickly and cost-effectively
develop custom simulation applications. The lead simulation product,
VistaReal, provides a synthetic training environment for those
who operate and maintain complex equipment and machinery. With more
than 30 customer installations, VistaReal has demonstrated a phenomenal
ROI by reducing the cost of equipment training by up to 90 percent.
The VistaReal Java development environment is the result of more
than $16 million of R&D conducted by Lockheed Martin over a
seven-year period. RealVue is based in Austin, Texas.