Indian Angel Network invests $1 million in tech start-up Vayavya

BANGALORE: In a sign of rising interest amongst venture capitalists in technology entrepreneurship in India's smaller towns and cities, the Indian Angel Network (IAN) has invested $1 million in Vayavya Labs, a company based in Belgaum in northern Karnataka. The start-up which develops software tools will use the funds for new product development and to strengthen sales and marketing.

Founded in 2006 by a team of four engineers, RK Patil, Venugopal Kolathur, Uma Bondada and Parag Naik, Vayavya builds automation technology that links hardware to the software in consumer electronics, communication devices and medical equipments.

"There is three-fold improvement in productivity when this automation technology is adopted," said IAN member Vivek Raghavan. IAN has now made 25 investments and five exits.