Rand Capital Corp., the Buffalo-based venture capital fund that invests in emerging products, services or technologies, said it has invested $600,000 in a Maine-based information technology services, software and hardware company that specializes in telecommunications and construction applications.
Rand invested in Portland, Maine-based Tilson Technology Management as part of a larger $2.2 million equity infusion, with CEI Ventures Inc. as its primary partner. Rand has partnered with CEI, a venture-capital fund focused on fast-growing and socially responsible businesses, in two other New England companies since 2004.
“Rand was attracted to this investment because of Tilson’s unique expertise and position in their marketplace, strong execution skills and further growth potential,” Rand Executive Vice President Daniel P. Penberthy said. Also, “we like to support upstate businesses.”
The veteran-owned Tilson, founded in 1997, services some of the world’s largest telecommunications companies, and is one of the largest service providers in upstate New York, with an office in Syracuse. It also has offices in New Jersey, Alabama and Colorado.