IDG Ventures India invests $ 3 million in Aujas Networks
IDG Ventures India, a $150 million early-stage technology venture capital fund, on Wednesday announced its investment of $ 3 million in Aujas Networks Private Limited, a pure play digital security service start up.
By PTI |
BANGALORE: IDG Ventures India, a $150 million early-stage technology venture capital fund, on Wednesday announced its investment of $ 3 million in Aujas Networks Private Limited, a pure play digital security service start up.
The Bangalore-based Aujas an offshoot of IDG Venture's Entreprenuer-in-Residence programme is the seventh such company in which IDG venture has invested in India, Patrick McGovern, Chairman, International Data Group, told the media.
India's booming economy, highly skilled technical manpower, its rich entrepreneural pool were key reasons for IDG Venture to focus on India. "We expect a 35-40 percent returns on investments", he said adding that it had committed capital of $32 million in the seven companies.
Aujas would address a global security services market currently over dollar 17 billion in size and growing annually at over 17 percent by offering high-end security services across a broad range of technologies, including core wireless networks, VoIP and cyber forensics, said Srinivas Rao, CEO.
With IDG funding Aujas would build its sales and marketing presence in India and Middle East within the first 12 months and also utilised it to expand its service offering.
The company has hit the ground running with a channel partnership MoU inked with iViz, he said.
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Demand for security service has increased. Identity theft in US alone was about $ 49.3 billion in 2006. The increasing sophistication of attacks, lack of IT security experts, stringent regulatory mandates, and increasing volume and complexity of network traffic also has spurrred demand. There has also been a shift from bundling this service with infrastructure to it being handled independently.Download
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