CASTLE HAYNE,VisionAIR, a developer of software designed to improve anytime, anywhere communications, has landed $5 million in additional investment through a preferred stock offering.
Bank of America, which has invested in VisionAIR previously, led the round.
Other investors include Southeast Interactive, GE Capital and Covestco.
The company’s chairman and chief executive officer, Dan Crawford, said the funds would be used to capitalize on a growing market for homeland security concerns.
“With the emerging opportunities surrounding homeland security and data consolidation trends, now is the ideal time to enhance our products and solutions and help them shape the future of public safety technology,” Crawford said. “The proceeds from this preferred stock sale will enable us to enhance our industry-leading homeland security and public safety solutions with improved interoperability capability and custom features designed to meet the specific needs of our clients.”
VisionAIR helps public safety and criminal justice agencies improve interoperability of communications networks.
“As a long-time investor in VisionAIR, Bank of America is very confident in the company’s ability to develop state-of-the-art technology solutions for the public sector,” said Ann Browning, manager director of Bank of America Capital Investments, in a statement.