iPolicy closes $26m 2nd round funding

By siliconindia staff writer   |   Friday, 20 February 2004, 08:00 Hrs
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MUMBAI: The privately held California-based security services firm, iPolicy Networks, has closed its second round of funding worth $26m from three investors — Clearstone Venture Partners, Dali Hook Partners and WK Technology Fund. iPolicy said it intends to deploy these funds for new products, sales & marketing and research operations at its Noida facility.

Apart from investments from venture capital firms, iPolicy’s founder members and senior management have also put in money. The firm’s chairman and CEO, Prabhu Goel, has invested $5m in the recent round, while individual investor Raj Singh put in $1m in the first round of funding. iPolicy claims to have invested nearly $25m towards product development.

The firm has an 80-member team at Noida which develops unified security systems that are used by telecom carriers/operators.

Security systems provide network protection by avoiding latency (a drop or delay in transmission) and solve connectivity problems between disparate solutions.

iPolicy’s investors, Clearstone Venture Partners, Dali Hook Partners and WK Technology, fund early stage software and communications companies. While Clearstone Venture Partners has $450m under management, Taiwan-based WK Technology has $600m under management and invests in companies in Asia Pacific and the US.

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