Bangalore-based digital media-technology company, SureWaves Media Tech Pvt Ltd has raised Rs.10 Cr in its first round of funding from India Innovation Fund and Accel Partners.

Company will use the funds in expanding its network to more states.

With this deal, Rajesh Rai from IIF and Shekhar Kirani from Accel Partners have joined the company's board.

Transaction Reference: Economic Times

Founded in 2006 by Raj Khare, Ananth Kansal and Tapan Kumar Dutta, SureWaves offers 'Surewaves Media Grid', an integrated advertisement aggregation, content delivery, network management, media planning and reporting platform.

The product works in the Spot TV market and enables geo-targeted advertisements on national and regional cable channels. SureWaves also offer Digital Display Networks services.

All the founding members are former Wipro employees. SureWaves has around 35 employees with offices in Bangalore, Mumbai and Delhi.

Promoted by Nasscom and IKP Knowledge Park, India Innovation Fund (IIF) had raised Rs.40 Cr in 2009 from companies like Airtel, DST and TCS. The fund typically invests in early stage start-ups focused in information, communication technology and life science sectors. Last year, it invested Rs.2.5 Cr in Bangalore-based Mitra Biotech.

Accel Partners which had invested in companies like Ace Creative Learning, Babyoye.com (Nest Childcare Services Private Limited), Exclusively.in, Probe Equity Research Pvt Ltd, LetsBuy.com, is planning to launch a third India-focused fund with a corpus of $125 Mn.

Accel Partners entered India in 2008 when it acquired Bangalore-based early stage venture capital fund - Erasmic Partners, which was managing a $15 Mn fund. Later on, Accel closed its second fund of $60 Mn (Rs.292 Cr).

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