Software Product Firm - InnovizeTech Raises Funding From Indian Angel Network
Indian Angel Network has invested Rs.1.6 Cr ($350K) in InnovizeTech Software.
The funds raised will help Innovize to commercialize its software product on a large scale and will also help for its expansion plans in new product development.
Pune based InnovizeTech was founded by four entrepreneurs. Its flagship product 'Sapient', which is awaiting patent, delivers a solution to measure and analyze enterprise effort and time productivity.
Harish Mehta of IAN joins Innovize Tech as a board member.
Transaction Reference: Plugged.in
Sapience sits on each person’s computer and non-intrusively measures work activity, while ignoring its usage for private purposes. It has built-in intelligence to distinguish between work and personal activity, through a combination of employee specified rules, pattern matching, and usage based learning. From the data gathered, rich reports are generated both for the employee and management, through which work efficiency can be enhanced.
Indian Angel Network is a group of angel investors that invests in multiple sectors including IT products & services, BPO/KPO, retail, biotech & pharma, internet, media & entertainment, education, telecom & embedded domains. It invests between $0.1 Mn and $1 Mn and exits over a 3 to 5 year period through a strategic sale.
Its investment portfolio consists of companies like Karmic Labs, Digilogue Communications, Kwench Library Solutions, Druvaa Software, Robhatah Robotic Solutions, Vienova Technology, AuthorGen Technologies and others.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 30/11/11 | InnovizeTech Software - Seed Enterprises | Venture Capital | Seed Enterprises | 0.86 |
| 29/07/10 | InnovizeTech Software - Indian Angel Network | Venture Capital | Indian Angel Network | 0.34 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 17/05/12 | Private Equity | Looking For | Prizm Payment Services Private Limited | 92.18 | Planned |
| 17/05/12 | M&A | Carzonrent India Private Limited | QCABS | - | Announced |
| 17/05/12 | M&A | Trivone Digital Services Private Limited | Chakpak Media Private Limited | - | Completed |
| 17/05/12 | M&A | Trivone Digital Services Private Limited | WheelsUnplugged.com | - | Completed |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| Indian Angel Network | Pharma Education Outsourcing Retail Telecom |
http://www.indianangelnetwork.com/ | Saurabh SrivastavaRaman RoyAlok MittalMohit GoyalPradeep GuptaPadmaja RuparelSweta AggarwalVivek RaghavanSanjay Bansal | |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| InnovizeTech Software Private Limited | Swati Shirish Deodhar | 301, Lunawat Classic, 5 BICS Colony, Pune-411007. Maharashtra, India. | www.innovizetech.com | |
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