Netmagic raises $16 Million in Series C Funding
Date: Monday , November 01, 2010
Netmagic Solutions, a Managed IT Hosting Service provider, has raised close to $16 million in Series C financial round lead by Nokia Growth Partners and Cisco Systems. Fidelity International and Nexus Venture Partners who invested in the company’s second round of funding in 2008 also took part in this round. The company will utilize this investment to enhance its presence in the data center market in India by opening new centers and expanding the existing ones. The funds will also be used to increase investments in developing cloud computing technologies.
“We are delighted to have raised fresh capital from Nokia Growth Partners and Cisco, and their industry expertise and global experience will help as we continue our growth in managed hosting and cloud computing. Their investment reinforces our industry and technological leadership and the potential for this market in India. We will utilize this round of funding to increase our datacenter footprint and increase investment in R&D efforts for our Cloud Computing platform,” said Sharad Sanghi, Managing Director and CEO, Netmagic Solutions.
Upal Basu from Nokia Growth Partners said the venture firm is on a lookout for leading technology companies with significant potential for future growth and industry leadership. Netmagic has this potential and hence the investment. Netmagic till date has raised about $17.6 million, which includes about $4 million from their first round in 2000 and $13.5 million in 2008.