http://www.efytimes.com/efytimes/fullnews.asp?edid=14343
Vignani Raises $4 Million In Funding
Key investors include Intel Capital, JAFCO Asia and KT Venture Group.
Tuesday, September 19, 2006: New Delhi:
Vignani Technologies, a Bangalore-based product engineering services company, has closed a $4-million Series A funding by Intel Capital, JAFCO Asia and KT Venture Group. The company will use the new funding in sales and marketing initiatives, to secure new staff and accelerate existing and new service initiatives.
Speaking on the funding, Kumar Ramachandran, CEO of Vignani Technologies, said, "This funding will help us strengthen our infrastructure and allow us to hire the engineers and scientists required to meet our aggressive growth plans."
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."
http://www.vccircle.com/blog/_archives/2006/9/19/2339473.html
Vignani Technologies Gets $4 Million From Intel Capital, JAFCO Asia And KT Venture
By Sahad on Tuesday September 19, 2006 13:21 IST
A one-year old value engineering services startup, Vignani Technologies Pvt Ltd, has received Series A venture funding of $4 million from a group of venture capital firms including Intel Capital, JAFCO Asia and KT Venture group. Bangalore-based Vignani does offshore product development, design and analysis services and high-end value engineering projects such as redesigning products. The new funding will strengthen sales and marketing, secure new staff and accelerate existing and new service initiatives. Its customers include Teradyne, Varian, GSI and Electroglas.
Vignani is tapping a large market. Offshore engineering spending is expected to grow to $150-225 billion by the year 2020, and India has an advantage with its large talent pool and experience in engineering services. India is targeting a 25 percent of this opportunity.
Vignani has 65 engineers at its only facility in Bangalore, which it plans to take it to 100 by the year-end. Vignani's CEO is Kumar V Ramachandran (right). He was the managing director of Applied Materials India until Jan 2005, and has also worked with EDS from 1989 to 1994.
Intel Capital is a well known investor in the Indian market. JAFCO Asia is a leading venture capital firm in the Asia-Pacific region. It manages $850 million in funds and has over 330 portfolio companies with a track record of over 220 exits. KT Venture Group focuses on investing in companies with disruptive technology in semiconductor process/ manufacturing and services.
Business Standard- Monday,Sep 25,2006
(http://www.business-standard.com/compindustry/storypage.php?tab=r&autono=254991&subLeft=1&leftnm=1 )
Vignani Tech wraps up Rs 18 crore funding
BS Reporter / Mumbai/ Ahmedabad September 22, 2006
Vignani Technologies, the product engineering services company, has announced closure of its Rs 18 crore Series A funding by Intel Capital, JAFCO Asia and KT Venture Group.
The company has also acquired four Fortune 1000 customers in the semiconductor equipment, instrumentation and renewable energy space on the back of its royalty-based services model.
Kumar Ramachandran, CEO of Vignani Technologies, said, “Vignani’s rapid growth is through its high-end electro-mechanical product design capability. Our 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 engineers and scientists required to meet our aggressive growth plans.”
According to estimates, the total offshore engineering spend will grow to Rs 1,350-2,025 crore by 2020, and India, with its large talent pool and experience in engineering services, may grab 25 per cent of this opportunity, said Ramachandran.
“Domestic engineering firms have a key role to play in today’s globalised economy, by making available cost-effective services which can help increase revenue and growth margins for customers worldwide. Vignani is looking with renewed interest to industry verticals which are engineering-intensive, including semiconductor equipment manufacturing,” said Kumar Shiralagi, director, Intel Capital.
Byron Askin, senior director, JAFCO Investment (Asia Pacific), said, “Engineering services are the next growth driver for India after its phenomenal successes in the IT and BPO sectors. This, coupled with the rapid progress of Vignani, motivated us to go for this investment. We are also confident that the management is quite competent to make Vignani a profitable venture.”
Press Release
>> http://www.hindu.com/2006/09/20/stories/2006092001601801.htm
>> http://www.i-newswire.com/pr74114.html
>> http://www.intel.com/capital/news/releases/060918_Vignani.htm
