Chevin Lands $1.25 Million Cash Infusion
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Enterprise monitoring and data collection software firm Chevin, Inc.'s parent company has received an unscheduled $1.25 million cash infusion from MTI, a venture capital firm based in Watford, England. , the investment was matched by an undisclosed amount from the management and employees of Chevin, who were given an opportunity to purchase shares in the company on the same terms offered to venture capitalists.
The Rockville, Md.-based Chevin recently launched its TeVISTA 2.0 product and currently has the U.S. Internal Revenue Service, Cable & Wireless, British Telecom, and Siemens as customers. MTI previously invested $5 million in September of 2000.
"We consider MTI's decision a very strong vote of confidence in our business plan and the underlying technology that we are building," said Sharron Arnold, chief financial officer of Chevin. "This has been a challenging year for the technology industry in general, and it would be very easy for venture capitalists to walk away from the opportunity to invest more. We are very gratified that they have decided to stand beside us and support us through the next phases of our business plan. Our technology development team remains on track to release the next two versions of our TeVISTA solution."
The venture capitalists believe that Chevin's monitoring and data collection product will continue to address an important niche in the market, and Chevin executives plan to use the cash infusion for research and development operations and the promotion of TeVISTA's value-proposition.
"Over the next six months we intend to invest wisely in marketing and R&D, and then allocate appropriate resources to manage and motivate our distribution channel. All of these initiatives will help contribute to revenue generation activities to elevate the profile of the company within the industries we serve," said Steve DeCelle, president of Chevin.
The company also intends to use a portion of this new investment to meet with an existing network of channel partners, and build new relationships with value-added resellers and systems integrators.
"We are going to aggressively fund a support program that helps our channel partners communicate the value-proposition of our offerings, and then ensure that they have the technical backing from Chevin to deliver best-in-class implementation services," said Arnold.
Chevin's network software systems allow organizations to manage and optimize their mission-critical networks. Its flagship product, TeVISTA, is platform-independent and gives a real-time overview of everything that is happening on the network as well as historical reports.
Chevin was founded in 1989 and has offices in North America and Europe. Its U.S. headquarters are in Rockville. Customers include telcos and service providers, blue-chip companies, e-businesses and medium and large enterprises.