Financial Daily from THE HINDU group of publications
Thursday, Dec 09, 2004

News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Info-Tech - Venture Capital


Ittiam bags $6.5-m funding from Bank of America arm

Our Bureau

Ittiam, which began operations in 2001, had raised $5 million in the first round.

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.

More Stories on : Venture Capital | Software

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



Stories in this Section
India, US seen driving worldwide storage growth


InMage Systems enters India
Sierra chosen for Oracle award
DoT says Tatas delaying demerger of VSNL land
TRAI allows differential call charges
Idea Cellular office in Tirupati
IBM's Pondicherry facility to come under new entity
LG Electronics plans to boost exports
TCS may get Rs 318-cr e-governance project
Red Hat to unveil Linux in 13 Indian languages by March 2006
Amazon zeroes in on NextLinx solution for price determination
Satyam to set up shop in Kolkata
Collabnet eyes domestic market
Cognizant centre in Canada
Ittiam bags $6.5-m funding from Bank of America arm
`Developing nations must become localisers'



The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line