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Bangalore: Bangalore-based Vayavya Labs, an embedded software tool developer, raised $1 million in Series A funding for a minority stake to Indian Angel Network (IAN). Sharad Sharma and Vivek Raghavan from IAN will join the board of the company.TiE Bangalore provided the platform for both the parties to come together for the deal.
The fund will be used for R&D, engineering, business development and enhancing sales. Co-founded in 2006 by a team of four engineers, R.K. Patil, CEO, Venugopal Kolathur, CTO, Uma Bondada, VP Engineering and Parag Naik, the company established the first automated device driver tool that minimizes the system development, validation and migration cycle times significantly and helps user organizations make significant recurring savings in cost and time.
The company focuses on global Electronic Design Automation Tool Vendors and large Systems Design Houses for its EDA adjunct tools to architect solutions. By using the tool, the customers can optimize time, effort and cost involved in Embedded Software Design and Development. With 20 engineers supporting this area, the company's software facilitates in Belgaum and Bangalore and has about 70 professionals.
"Vayavya tools play a pivotal role in adding value by cutting down development, testing and debugging time at customer end thereby meeting the goal for go-to-market," said Sharad Sharma, member of IAN.
This is IAN's 25th investment since its inception iin 2006. The investors of the company invests in ventures that have uniquely differentiated propositions, high quality execution teams and large markets. They invested in Vayavya as they found passionate founders and a well-thought out, scalable model post. IAN will be mentoring the company and feels that the niche product development plan that they are working on will make it a significant player in the growing IP led market. "IAN is pleased to paly a role in the critical skill-starved area of the software industry. We found a differentiated business venture with a product that translates into savings for its customers," says Vivek Raghvan, member of IAN.
With a moto of Entrepreneur for Entrepreneur, IAN comprises the who's who of successful Indian entrepreneurs and CEOs who are passionate about entrepreneurship and keen to leverage their strategic advice and large networks to build world class companies. "Vayavya Labs aims to build a valuable Indian company in the System Design Tools and Services and leverage the Electronic Design Automation space in the U.S.," says Patil.
Trident, Synopsys, NDS and Electra Plc are few among their clientele. They have key alliances and industry partnership with industry leaders, including ARM Connected Community, Cadence System Realisation Alliance and Microsoft Windows Embedded Partner.
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