Indian-American's Start-Up Raises $35mn To Expand Globally
HOUSTON: A startup company owned by two Indian-American IITians in the U.S. has raised $35 million in growth capital to extend its global expansion, including in India.
Riversand Technologies, a master data and product information management company, announced a 'Series A' investment, a company's first significant round of venture capital financing, in growth capital led by Crestline Investors.
"We are excited to partner with investment management firm, Crestline Investors, for expanding globally. With our Master Data Management (MDM) 2.0 vision, we are bringing together relevance, trust and insights to our customers in an era of cloud, high scale and data discovery," said Upen Varanasi, Co-founder and CEO of Riversand.
He said that this capital infusion will be used to strengthen the company's foundation in core verticals, accelerate growth in targeted geographies and enter new markets through product innovation, sales and marketing.
"We are looking for passionate software creators and disruptive thinkers in the Big data, ML and AI technology space to join our innovation hub in Riversand's Bengaluru office," Upen told PTI.
Early in the year, Riversand won Shoppers Stop as the first Indian Retail customer. Riversand plans to acquire more retail and manufacturing customers in India after this funding, Upen said.
The startup serves leading global enterprises in retail, manufacturing, distribution, energy, healthcare, and food Services.
Founded by two Houston-based Indian-Americans Upen and Anil Kini in 2001, Riversand, headquartered in Houston, has offices in Bangalore, London, Germany, Switzerland and Sydney.
The company has seen significant growth, increasing revenue at more than 25 pct compound annual growth rate (CAGR) over the last 6 years.
"Riversand has a strong brand presence across multiple industries, data domains, and geographies. With its MDM 2.0 platform, it has now created a name in the industry for being an innovative MDM solution provider with the most disruptive vision and unique strategy," said Will Palmer, director at Crestline, who will be joining Riversand's Board of directors.
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