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Telecom tech firm Midas Communications raises $10 M
By siliconindia staff writer
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Tuesday, 13 July 2004, 19:30 IST
CHENNAI: Midas Communication Technologies Pvt. Ltd., a Chennai-based provider of telecom technology solutions, has raised $10 million (
45 crore) from US-based Argonaut Private Equity, Business Line reports quoting Midas CEO Shirish B. Purohit. This is Midas first round of institutional funding
Midas, a spin-off from IIT-Madras TeNet Group, is best known for its corDECT wireless local loop technology. The company reported revenues of $53 million for the year ending March 2004. In June, Midas had announced the acquisition of Banyan Networks, another TeNet Group spin-off providing DSL and other fixed-line telecom technology solutions.
Argonaut is also an investor in Axiowave Networks, founded by Ray Stata and Mukesh Chatter. Stata, who earlier founded semiconductor firm Analog Devices, has been closely associated with Midas since the time of its founding.
Telecom tech firm Midas Communications raises $10-M
Midas Communication Technologies Pvt. Ltd., a Chennai-based provider of telecom technology solutions, has raised $10 million (45 crore) from US-based Argonaut Private Equity, Business Line reports quoting Midas CEO Shirish B. Purohit. This is Midas first round of institutional funding
Midas, a spin-off from IIT-Madras TeNet Group, is best known for its corDECT wireless local loop technology. The company reported revenues of $53 million for the year ending March 2004. In June, Midas had announced the acquisition of Banyan Networks, another TeNet Group spin-off providing DSL and other fixed-line telecom technology solutions.
Argonaut is also an investor in Axiowave Networks, founded by Ray Stata and Mukesh Chatter. Stata, who earlier founded semiconductor firm Analog Devices, has been closely associated with Midas since the time of its founding.
45 crore) from US-based Argonaut Private Equity, Business Line reports quoting Midas CEO Shirish B. Purohit. This is Midas first round of institutional funding
Midas, a spin-off from IIT-Madras TeNet Group, is best known for its corDECT wireless local loop technology. The company reported revenues of $53 million for the year ending March 2004. In June, Midas had announced the acquisition of Banyan Networks, another TeNet Group spin-off providing DSL and other fixed-line telecom technology solutions.
Argonaut is also an investor in Axiowave Networks, founded by Ray Stata and Mukesh Chatter. Stata, who earlier founded semiconductor firm Analog Devices, has been closely associated with Midas since the time of its founding.
Telecom tech firm Midas Communications raises $10-M
Midas Communication Technologies Pvt. Ltd., a Chennai-based provider of telecom technology solutions, has raised $10 million (45 crore) from US-based Argonaut Private Equity, Business Line reports quoting Midas CEO Shirish B. Purohit. This is Midas first round of institutional funding
Midas, a spin-off from IIT-Madras TeNet Group, is best known for its corDECT wireless local loop technology. The company reported revenues of $53 million for the year ending March 2004. In June, Midas had announced the acquisition of Banyan Networks, another TeNet Group spin-off providing DSL and other fixed-line telecom technology solutions.
Argonaut is also an investor in Axiowave Networks, founded by Ray Stata and Mukesh Chatter. Stata, who earlier founded semiconductor firm Analog Devices, has been closely associated with Midas since the time of its founding.