Vignani Technologies raises US$4 million in funding
Key investors include Intel Capital, JAFCO Asia and KT Venture Group
Vignani Technologies, a Bangalore-based product engineering services company, today announced closure of its US$4 million Series A funding by Intel Capital, JAFCO Asia and KT Venture Group. The new funding will strengthen sales and marketing, secure new staff and accelerate existing and new service initiatives.
(I-Newswire) - Bangalore, India, September 19, 2006: Vignani Technologies, a Bangalore-based product engineering services company, today announced closure of its US$4 million Series A funding by Intel Capital, JAFCO Asia and KT Venture Group. The new funding will strengthen sales and marketing, secure new staff and accelerate existing and new service initiatives.
Since its launch fourteen months ago, Vignani has already established itself as a reliable player in high-value engineering services. Customers include four Fortune 1000 customers in the semiconductor equipment, instrumentation and renewable energy industries.
Speaking on the funding, Mr. Kumar Ramachandran, CEO of Vignani Technologies, said, “Vignani’s rapid growth is through its high-end electro-mechanical product design capability. Our unique royalty-based services model has attracted significant attention from large capital equipment manufacturers. This funding will help us strengthen our infrastructure and allow us to hire the engineers and scientists required to meet our aggressive growth plans.”
Recent statistics estimate that total offshore engineering spending will grow to $150 – $225 billion by the year 2020, and India, with its large talent pool and experience in engineering services, is poised to realize 25 percent of this opportunity. Vignani, with its unique service offerings and niche target markets, is well-positioned to play a leading role in this growing industry.
“India-based engineering companies have a key role to play in today’s globalized economy, by making available cost-effective services that can contribute to incremental revenue and margin growth for customers worldwide. In the case of Vignani, the company focuses on customers in industry vertical segments that are engineering-intensive, including semiconductor equipment manufacturing.” added Dr. Kumar Shiralagi, Director, Intel Capital.
Mr. Byron Askin, Senior Director, JAFCO Investment ( Asia Pacific ) Ltd. said, “Engineering services is the next driver of growth for India after its phenomenal successes in IT and BPO sectors. This, coupled with the rapid progress of Vignani, motivated us to lead this investment. We are also confident that the management is quite competent to make Vignani a profitable venture.”
Vignani Technologies Pvt Ltd
Vignani Technologies is an Engineering Services company that is focused on enabling the Capital Equipment Industries to better leverage higher capability at lower cost from India. This company was founded by veterans from the Semiconductor Equipment Industry, who were instrumental in setting up the offshore development center for the largest Semiconductor Equipment Manufacturer. After a 14-month presence, Vignani today has about 65 employees and is steadily adding clients in the engineering services space, including several Fortune 1000 companies.
Intel Capital, Intel’s venture capital organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software and services targeting enterprise, home, mobility, health, consumer Internet and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US$4 billion in more than 1,000 companies spanning more than 30 countries. During this time, about 160 portfolio companies have been acquired and another 150 have gone public on exchanges around the world. In 2005, Intel Capital invested about US$265 million in about 140 deals with approximately 60 percent of funds invested outside the United States.
For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com
About Jafco Investment ( Asia Pacific ) Ltd. JAFCO Asia is one of the leading brands in the venture capital industry in the Asia-Pacific region. Its primary focus is to invest in promising technology enterprises with high-growth potential. Established since 1990 and with offices in Singapore, Hong Kong, Beijing, Taipei and Seoul, JAFCO Asia had managed in aggregate more than US$850 million in funds with a track record of over 330 portfolio companies and over 220 exits, of which more than 80 have been publicly listed. JAFCO Asia’s parent company, JAFCO Co., Ltd. ( “JAFCO” ), listed in Tokyo’s Stock Exchange, is the preeminent Japanese venture capital manager with more than US$2.5 billion capital committed worldwide. Globally, JAFCO has invested a cumulative total of more than 2,900 companies of which more than 730 have gone public. In recent years, JAFCO’s portfolio companies have accounted for about 20% of all IPO in Japan. Nomura Group, JAFCO’s largest shareholder, is one of Japan’s largest securities house.
About KT Venture Group KT Venture Group ( KTVG ) is an innovative venture fund that provides an unparalleled and unique value to entrepreneurs and startup companies. The fund provides an optimal combination of the best practices implemented by the top private and corporate venture capital firms. KTVG is structured as a sole limited partnership with KLA-Tencor, the world leader in process control for semiconductor manufacturing and related industries KTVG focuses on investing in companies with disruptive technology in semiconductor process/ manufacturing and services. KTVG also targets high-growth emerging companies in non-semiconductor industries where significant potential synergy exists with KLA-Tencor's core competencies in imaging, image processing, instrumentation and process control.
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