Nevis gets $10 mn funding from Newpath

By SiliconIndia   |   Thursday, 22 January 2004, 08:00 Hrs
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BANGALORE : Nevis Networks, a security product vendor has got $10 million in funding from Newpath Ventures, a VC firm promoted by Pentium chip inventor Vinod Dham and serial technopreneur Tushar Dhave. It has already begun working on raising $8 to $10 million in series B funding.

Suresh Nihalani, president and CEO, Nevis Networks told ET that the company is working on a security product that will help organisations have secure internal and external networks. It is estimated that around 60% of network attacks are from internal sources. Nihalani, a veteran of two networking start-ups, Accelerated Networks and ICT Networks, said Nevis’ solution will provide a host of security features such as an anti-virus solution, firewalls, encrypted tunnels, intrusion detection and prevention systems etc.

Nevis Networks is developing a special chip for this product. In fact, the company is working with another Newpath-backed firm called Insilica to undertake back-end silicon work for this project. Nevis ’ development is based entirely out of India , with its Pune facility manned by 75 engineers working on a wide spectrum of areas such as networking protocols, application specific integrated chip or ASIC research and embedded software development. Nihalani expects to ramp up headcount to 120 in another 90 days and a beta version of Nevis product to be out by end-2004.

According to company officials, several solutions are available in the market today, but Nevis product provides comprehensive protection from attacks and also higher return on investment to users. While larger corporations are more aware of the security challenges, Nevis ’ product will be engineered to suit the requirements of all types of companies.

(Source: Economic Times)

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