Financial Daily from THE HINDU group of publications
Friday, Dec 09, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 09, 2005 |
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Info-Tech
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Venture Capital Persistent gets $18.8-m funding Our Bureau
Pune , Dec. 8 THE Pune-based Persistent Systems has announced that it has closed a round of financing bringing total capital investment to $18.8 million. Persistent's funding comes from Norwest Venture Partners (NVP) and Gabriel Venture Partners. NVP invested $13.8 million in this round and Gabriel Venture Partners $5 million. Mr Promod Haque, Managing Partner of NVP, and Mr Navin Chaddha, General Partner of Gabriel Venture Partners, have joined Persistent's board. In a video conference announcing this, Mr Haque said several of NVP's portfolio companies have been using the company's development services and the possibility of several more of its current and future portfolio companies partnering with Persistent was one of the reasons for its investment. Outlining Gabriel's rationale, Mr Navin Chaddha said the company had a diversified base of over 150 customers along with experience in shipping, more than 700 product releases and over 2,300 employees, all of which are required to meet the market demand.
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