Tilson Technology raises $600K from Buffalo firm
Tilson Technology Management Inc., a Portland-based telecommunications services provider, has raised $600,000 in venture capital as part of a $2.2 million equity capital infusion.
Rand Capital Corp., a Buffalo, N.Y.-based business development company, announced its investment in Tilson on Wednesday. CEI Ventures acted as its co-investor.
“Rand was attracted to this investment because of Tilson's unique expertise and position in their marketplace, strong execution skills and further growth potential,” Daniel P. Penberthy, Rand’s executive vice president, said in a prepared statement. "Since its origin in 1997, the business has developed a niche position in the IT and construction market which supports the explosive growth in mobile data consumption.”
Tilson has been named on Inc. 5000’s list of fastest-growing U.S. companies for four straight years, with an annual growth rate of 28.5%.
“Tilson's proficiency and agility makes them uniquely qualified to service some of the world's largest telecommunications companies,” Penberthy continued. “Also, Tilson has become one of the largest service providers in upstate New York from their Syracuse office and we like to support upstate businesses.”
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