Financial Daily from THE HINDU group of publications
Thursday, Dec 09, 2004
Ittiam bags $6.5-m funding from Bank of America arm
Bangalore , Dec. 8
ITTIAM Systems, the Bangalore-based digital signal processing (DSP) start-up, has raised $6.5 million from Banc of America Equity Partners (BAEP) in second-round funding.
"We plan to utilise the funds to fuel the next phase of growth for the company, which will be crucial for our goal to go public," said Mr Srini Rajam, Chairman and CEO of Ittiam.
The company, which focuses on DSP systems in media and communication, expects to go public in 2008.
Ittiam, which began operations in 2001, had raised $5 million in the first round from Global Technology Ventures, which was co-founded by BAEP-Asia in 1999.
For the fiscal ended March 2004, Ittiam clocked revenues of $4.8 million with net profit of $1 million.
The company currently has more than 50 customers in US, Europe, and Asia, and is now seeking to scale up operations in terms of talent and product base, customer and revenue base, Mr Rajam said.
It is looking at entering into newer areas such as voiceover wireless local area network, among others.
Ittiam currently has 130-plus DSP experts and the number would be increased to 200 next year, according to Mr Rajam.
"Ittiam is a company with difference and has tremendous potential to emerge as a global leader in technology innovation and licensing," said Mr Kayu Mehta, Managing Director and head of BAEP Asia.
BAEP Asia, which has a corpus of $80 million, would be investing in two more Indian firms in the near future, he added.
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