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SureWaves raises 
10 Crore in Series A Funding
By siliconindia
10 crore in series A round of funding from India Innovation Fund (IIF), an early stage venture capital fund and Accel Partners. Two angel investors also participated in this round of funding. Rajesh Rai from IIF and Shekhar Kirani from Accel Partners have joined the company's board of directors.
Raj Khare, CEO, SureWaves, said that they are creating a new category and are excited to join hands with IIF and Accel Partners for this. SureWaves is an integrated Ad Aggregation, Content Delivery, Network Management, Media Planning and Reporting Platform for multiple forms of digital media. SureWaves is building media applications on top of SureWaves Media Grid to allow a variety of digital mediums to attach to SureWaves Media Grid through specific SureWaves Edge Devices. The company has filed for more than 40 patents to date on the above technology and was recognized as the most innovative start-up in 2008 by Software Technology Parks of India.
Founded in September, 2006 by second generation entrepreneurs, Ananth Kansal, Rajesh Khare and Tapan Kumar Dutta, having built successful start-up ventures earlier in the field of digital video, networking and mobile technology that were acquired by Broadcom and Nokia. They currently have a team of more than 35 members with their headquarters in Bangalore and presence in Mumbai and Delhi. All the founding members are former Wipro employees.
Kansal specializes in technology and customer support as he had worked in Celstream Technologies, Tektronics and Wipro. Prior to this, he founded a software start-up called Baysoft. Dutta is the creative head of SureWaves. He is also the founder and CEO of Bangalore-based ad agency Upasana Advantage. He previously worked in the marketing solutions space at Wipro and later moved to the digital sector. Khare was the India MD of chipmaker Broadcom.
The company is planning to invest the fund in expanding its network to more states as it is targeting a nation-wide reach by 2014. Kirani said that the National advertisers can now target their messages to a specific community or region with proof-of-play.
Rai, CEO, IIF, said that the strength of the SureWaves team, robustness of the solution and its unique value proposition to customers are the unique points to be responsible for this association.
