Tejas Networks Raises US$ 20 Million in Equity Funding
Tuesday, 07 November 2006, 20:30 IST
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Bangalore: Optical Networking products company Tejas Networks today announced that it has acquired US$20 million in a new round of financing led by Sandstone Capital, a Boaton based India-focused fund. Existing investors, Dr. Gururaj Deshpande, Battery Ventures & Intel Capital also participated in the round, along with a new co-investor, SUN Technologies. The company will use proceeds of the financing to expand its international business and invest in R&D for developing new packet-aware optical products. Sajay Nayak, Co-founder and CEO of Tejas Networks said, "Over the last few years, we have seen tremendous growth in our business. We decided that this was the right time to invest aggressively and scale our business to the next level." Apart from the growth aspect, Tejas has also reached international customers through strong global partnerships, he added. Paresh Patel, Managing Director of Sandstone Capital said, "We are confident of Tejas' success and look forward to being associated with the company as it achieves its ambitious growth plans." "With its impressive product portfolio and an expanding customer base, the company is well poised to become a strong global player," said Dr. Gururaj Deshpande, Chairman of the Board, Tejas Networks.
Source: IANS
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