Red Vision Completes Series A1 Financing from Updata Partners
First Significant Institutional Funding Will Be Used To Expand Availability of Automated Real Estate Title Search Solutions Throughout U.S.
Parsippany, NJ (PRWEB) July 13, 2007 -- Red Vision Systems, Inc., a leading provider of automated title search solutions that enable faster, more accurate processing of title information for the real estate industry, announced today that it has secured institutional capital funding from Updata Partners. The Series A1 financing will be used to expand availability of Red Vision’s TitleVision solutions, currently widely used in California, Florida, Maryland and Texas, throughout the U.S. Commensurate with the funding, Barry Goldsmith and Rich Erickson, General Partners at Updata Partners, have joined Red Vision’s Board of Directors.
“Red Vision’s TitleVision provides one, unified application that simplifies the search process allowing our customers to gain a competitive advantage in speed, quality and turnaround time of their searches utilizing our platform online or through our managed services,” said Brian Twibell, CEO of Red Vision. “The financing from Updata will enable us to more rapidly continue our geographic rollout with an objective of serving 50 percent of the U.S. market over the next 24 months.”
TitleVision, Red Vision’s innovative title search platform, is designed to minimize the manual effort required to abstract and examine titles. TitleVision brings together courthouse, property assessor, tax collector and other data and images in one easy-to-use, web-based application. The real estate industry’s top lenders, vendor management companies, title underwriters, title agencies, title search firms, default services firms and independent abstractors rely on the TitleVision solution to deliver world-class title search products and services.
“Red Vision’s experienced team has successfully demonstrated the superiority of their solution in the market, bootstrapping the company’s growth to date and receiving endorsements by some of the industry’s largest customers,” said Rich Erickson, General Partner at Updata. “As the substantial and fragmented title search market is ripe for automation and consolidation, Red Vision is well-positioned to significantly and profitably grow the business.”
About Red Vision
Headquartered in Parsippany, New Jersey and founded by industry veterans, Red Vision is a leading independent provider of automated, on-demand title search solutions that enable faster, more accurate processing of title information for the real estate industry. Red Vision’s patent-pending title search platform, TitleVision, instantly brings together relevant court, tax, appraiser and other relevant records, minimizing the manual effort required to abstract and examine title and allowing searchers to greatly boost productivity, lower operating costs, and gain a sustainable edge over their competitors. For more information, please visit www.redvision.com.
About Updata Partners
Based in Reston, Virginia and Edison, New Jersey, Updata Partners is a leading venture capital firm that invests in growth stage information technology companies with innovative intellectual property enabling market-leading products and services. Led by an investment team averaging more than 20 years of operational and private equity experience in the technology industry, we seek investments where the combination of our financial backing and operating expertise will accelerate growth. With over $400 million under management, the firm also selectively provides recapitalization and management buyout financing. For more information, please visit www.updatapartners.com.
Red Vision Media Contact:
Name: Michael Carus
Phone: 352-331-8242
Updata Partners Media Contact:
Robin Dvorak
Phone: 703-464-7278
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