Nevis’ VC investors file for bankruptcy

PUNE: Three venture capital (VC) funds, which had pumped in around $75 million into Nevis Networks, a provider of security for the enterprise local area network (LAN), filed for bankruptcy last week. While the VC funds have filed for bankruptcy, one India-based founder, Ajit Shelat, is seeking to revive the company, having arranged $2- million funding.

Mr Shelat, a Pune-based serial entrepreneur who was India general manager of Nevis Networks and now CEO of the Indian and US companies, said the name of the US company has been changed and Nevis��� sole secured creditor has transferred the assets to the new company. The new company, Aviram Networks, will continue with the Nevis name and brand in India.

Nevis Networks was established in 2002 to develop security products for the enterprise LAN, protecting it from internal threats.