point
Menu
Browse by year:
The Smart Techie was renamed Siliconindia India Edition starting Feb 2012 to continue the nearly two decade track record of excellence of our US edition.

May - 2011 - issue > Venture Beat

Nevales Raises First Round of Funding from Seedfund

ST Team
Tuesday, May 3, 2011
ST Team
Nevales Networks, a provider of network security services to small and medium businesses (SMB) and small and medium enterprises (SME), raised their first seed funding of undisclosed amount, from Seedfund, an early-stage venture capital investor. Founded in 2010, Nevales leverages the cloud for delivering their Software as a Service (SaaS) based products; they also provide free 24x7 support to their customers. “The fund is to be used in product development and to expand our market size,” says Ravi Shankar, CEO, Nevales.

“If you look at the market place there are at least 2,000,000 SMBs/SMEs who have some form of technology enablement and access to wired broadband. This number will increase significantly when wireless broadband gains more prominence. Of these firms about 50-60 percent are doing business online, this along with the growing cloud implementation in India, is presenting a very good opportunity. This is the space where we are stepping in,” adds Shankar about the scope in the market.

Nevales has customers from various verticals, including education, healthcare, travel, finance, manufacturing, and automobile, and the company is in the process of expanding their customer base. Pravin Gandhi, Founding Partner at Seedfund said, “We are very pleased with our investment in Nevales Networks and we believe it is one of the most promising companies in the cloud based services space for SMEs. Our investment is aimed at accelerating the product development pace and operations expansion in India.”
Share on Twitter
Share on LinkedIn
Share on facebook