Ishoni files for bankruptcy

By siliconindia staff writer   |   Friday, 30 January 2004, 08:00 Hrs
Printer Print Email Email
BANGALORE: A lethal mix of economic slowdown, mismanagement and paucity of funds has run Ishoni Networks into the ground, reports an Indian daily.

This start-up with centres in the Silicon Valley and Bangalore, which promised a stellar performance, has flamed out, and recently filed for bankruptcy.

Since its inception in May 1998, Ishoni managed to raise $65 million in three rounds of funding, from blue chip venture firms like Bessemer, Infinity, Draper Fisher and Credit Suisse First Boston among others.

Early 2002, Philips Electronics acquired a 51 per cent stake in Ishoni for $25 million.

Ishoni is a creation of Prakash Bhalerao, the well known entrepreneur, angel investor and venture capitalist, who has founded successful firms like Ambit, Armedia, Amber, Sage, and Ectone. At its peak, Ishoni had over 150 engineers at its Bangalore facility.

Ishoni's popularity and promise were due to a single chip product it was building. A chip that combined voice, data and security services to help customer premises equipment (CPE) makers quickly build integrated access devices and broadband communication gateway products.

(Source: Economic Times)

Wipro opens third industrial
IT major Wipro Ltd on Thursday opened its centre of excellence for Industrial Internet of Things (..
Google's Gboard gets offline
Google is adding an Artificially Intelligent (AI) offline dictation feature on its Gboard keyb..
IBM announces programme
n a bid to recognise the contribution of developers in the open source community, Information ..
Facebook denies cyber attack
Facebook ruled out a cyber attack on its products Whatsapp, Instagram and Messenger, which suf..