The Hindu Business Line : Sasken invests in US venture capital firm

Bangalore, June 20 Sasken Communication Technologies Ltd, the Bangalore-based embedded communications solutions provider, said in its annual report for 2007-08 it invested about Rs 5.9 crore in the US-based venture capital firm OmniCapital as equity.

In a letter to shareholders, Mr Rajiv Mody, Chairman and Managing Director, Sasken, said the investment provides opportunities for mutually beneficial strategic partnerships with OmniCapital portfolio companies.

OmniCapital, led by Dr Arun Netravali who is the Managing Partner, provides early stage funding for information technology companies in the US.

Dr Netravali is a former President of Bell Laboratories, where the UNIX operating system and the C programming language had been developed.

Mr Mody said in the letter to the shareholders that the investment in OmniCapital augments Sasken’s access to the US market, providing it with another window into the latest technology, industry developments and new markets in information technology, telecommunications, video and multimedia.

OmniCapital has advisers such as Mr Rajat Gupta, former head of McKinsey & Co, and is said to have invested in four companies.

In 2007, Sasken together with IDG Ventures India, had helped to launch a company called ConnectM Technology Solutions Pvt Ltd.

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