SEDEMAC Mechatronics Raises Series B Funding

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Mumbai: Mumbai-based SEDEMAC Mechatronics, a Mechatronic solutions provider, has raised a second round of funding from India Innovative Fund (IIF) and Nexus Venture Partners. Nexus Venture Partners funded the company with their series A in 2008, along with Shell Foundation. The company co-founded in 2007 by Prof. Sashikanth Suryanarayanan, an entrepreneurial professor and Pushkaraj Panse; grew out of a successful research group at IIT Bombay on control technology applications. It offers high-value Mechatronic products such as electronic controllers for Automotive and Renewable Energy applications. Suryanarayanan, Co-Founder, SEDEMAC, said, "The team is delighted to be partners with the India Innovative Fund in their journey towards building a world-class company." According to Rajesh Rai, CEO, India Innovation Fund, SEDEMAC's mission to build a reputed, technology-driven company from India, is what excited them to make a fresh investment in the company. Rai believes that SEDEMAC can grow to be a significant player in its space, and looks forward to be a part of its growth history. The India Innovation Fund is an early stage venture capital fund, promoted by NASSCOM and IKP Knowledge Park in 2009. Sandeep Singhal, Co-founder and MD, Nexus Venture Partners - which invested in the first round also - said that SEDEMAC has made tremendous progress since the original investment made and hope that the additional capital would help the company grow faster and expand to new application. It has $320m under management and an active portfolio of over 30 companies across technology, internet, media, consumer, business services and rural sectors.

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