VidTeq acquires First Round of VC Funding
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VidTeq acquires First Round of VC Funding
Bangalore: Bangalore-based VidTeq succeeded in raising its first round of VC funding from KITVEN. VidTeq provides Video Map based navigation, location and search solutions for businesses. As part of the funding, KITVEN will join the company's Board of Directors. Founded by Chandra Thimmannagari, Navada Muraleedhara and Ravi Narala in May 2008, the company will use the fund for enhancing its sales and marketing team and for expansion. Many builders, schools, colleges, hotels and resorts, use the service provided by the company. Chandra Thimmannagari, Director, Co-founder and Co-CEO at VidTeq said, "We are extremely excited to have KITVEN on board." Currently with 15 employees, the firm plans to increase it to 40. "We have plans to expand our business in two cities, that is in Chennai and any one from Pune and Hyderabad. The fund will be used to enhance our production team to provide better service to the consumers," said Thimmannagari.Google launched the similar service called Google Street View, last month in Bangalore. KITVEN, contributed by Karnataka State Industrial Infrastructure Development Corporation (KSIIDC), Karnataka State Financial Corporation (KSFC), Small Industries Development Bank of India (SIDBI) and Karnataka Bio-Technology and Information Technology Services, targets investments in IT, Biotech and Nanotech sectors. This is the fourth investment by KITVEN Fund 2, a 26.25 crore corpus fund. Their portfolio companies include Pawaa Software, Mitra Biotech and Sloka Telecom. KITVEN is also floating a 10 Cr VC fund for SMEs - Karnataka Venture Capital Fund (KARVEN Fund). KARVEN fund aims to invest in companies catering to clean energy, aerospace engineering, automobile components etc. Jayakumar, CEO, KITVEN, said, "We are excited to work with VidTeq to take it to the next level. Going forward we see a huge market potential in Navigation, Location and Local Search. We believe that the company is in the right space to address this market and have the right technology to take advantage of this market."

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