Euclid raises $8 million in third round

By siliconindia   |   Wednesday, 22 October 2003, 19:30 IST
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HYDERABAD: IT business management software provider Euclid has completed its third round of financing to raise $8 million from new and current investors. The latest round of funding brings the total investment raised by Euclid to over $30 million. Bay Partners led the financing which also included an investment from a new investor, Pacesetter Capital. Till now, Euclid has raised finances from Bay Partners, Pacesetter Capital and Redwood/Raza Ventures. The company plans to invest a significant amount of the funds in expanding its Indian operations, besides expanding its sales channels. Euclid has a 50-member product development centre in Hyderabad to work on its flagship IT management product, BizSmart suite. Euclid specialises in providing enterprise applications for IT executives to manage IT applications and leads a competitive field that includes players like Network Associates, Sun, Veritas, Computer Associates and HP. According to analysts, the IT management market presents a market opportunity of $1 billion by 2005 with a 71% CAGR. The company’s president and co-founder, Sateesh Andra said Euclid is embarking on the next phase of growth and plans are on the anvil to double the workforce within one year. “A significant amount will be invested in R&D activities and working on the next version of the product. India will be the hub for product development work and we will continue to leverage for better productivity,” Andra said. Euclid is in the process of patrnering with major players like Network Associates to grow its presence among global 2000 enterprise customers. The company’s product, BizSmart is available in both licence and ASP models and is targeted at financial services, manufacturing and retail verticals.

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