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News >> Technology >>
FutureSoft receives Rs 19 Cr funding
By siliconindia
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Monday, 23 June 2003, 19:30 IST
SAN JOSE: FutureSoft, a provider of communications and embedded software solutions, has received a strategic investment of Rs 19 crores from IL&FS Investment Managers Limited (IIML) and Intel Capital.
The Chennai, India-based company will invest a major portion of the capital in building complete communication solutions that would be licensed to original design manufacturers (ODMs) and original equipment manufacturers (OEMs). The company sees the scaling up of its IP business as its growth strategy. FutureSoft intends developing 'full systems products', complete with hardware design, in order to emerge as a 'total solutions company'.
In addition, FutureSoft will be upgrading its R&D equipment, testing equipment and laboratories. The company's business strategy is to tie up with OEMs that have market reach while FutureSoft focuses on developing software and designing hardware. On the sales and marketing front, FutureSoft plans include opening new offices and augmenting its channel partners.
"The investment is particularly timely, as it will help us gear up sufficiently to capitalize on the emerging opportunities as the market turnaround happens. International companies in the communication space are looking for proven technology, working products and reduction in time to market and cost to compete in the current marketplace. We will focus our growth strategy at this segment," says KV Ramani, Founder, Chairman and CEO of FutureSoft.
Commenting on the investment, Muneesh Chawla, Managing Director, at IIML, the private equity investment arm of IL&FS Group, said, "We are investing in FutureSoft because of its technology depth, range of product offerings and its IP focus."
"Software plays a key role in enabling networks and ensuring the smooth and fast flow of data," said Dr. Kumar Shiralagi, Managing Director of Intel Capital India. "Intel Capital supports companies like FutureSoft, who are continually developing new communications software that ensures reliable and speedy data delivery."