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Envista Corp. of Beverly has landed $4.1 million in new funding to grow the business and boost development of its product, a web service to help utilities manage work being done on a given street.
The new funds are the first tranche of a planned $7.6 million round, officials said. Among the seven backers in the round are Borealis Ventures of Hanover, N.H., Egan-Managed Capital of Boston and Point Judith Capital of Providence, R.I.
In July, Envista rolled out Smarter Streets, a suite of web modules that geo-locate on a map all activities occurring in the public right of way. Since then, the company has added a handful of new customers, including the cities of Norfolk, Va.,
and Portsmouth, Va., as well as the District of Columbia Water and Sewer Authority and the City of Providence.
Envista raised $5 million in Series A funding in January 2007. Since then, the company has taken in $2 million in 2008, followed by $2.5 million in 2009 and a $2.5 million debt round earlier this year.
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