Vanu gets $32 mn venture capital

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Vanu gets $32 mn venture capital

Focuses on market expansion in India through strategic partnership

Thursday, September 04, 2008

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NEW DELHI, INDIA: Vanu, Inc., a provider of software radio infrastructure solutions for cellular operators, today announced it got a $32 million venture capital investment from Norwest Venture Partners (NVP).

The previous investors Charles River Ventures and Tata Capital participated in the round that largely supported business development, marketing and integration currently underway in India, said a press release.

The release mentioned that Vanu is also in the process of significantly expanding its presence in India through increased staffing and the signing of strategic partnerships.

Vanu also announced about its two new board members, Bruce Sachs of Charles River Ventures, who has been a board observer for the past year, and Promod Haque, managing partner of Norwest Venture Partners.

They join fellow board members Reed Hundt, a former FCC Chairman; Clay Christensen, a Harvard Business School Professor and noted author; Andy Beard, Chief Strategy Officer of Vanu, Inc. and Vanu Bose, President and CEO.

"Vanu's innovative technology clearly delivers a unique value proposition to wireless carriers. Nowhere is this needed more than in India. The combination of explosive market growth and low ARPU requires new and innovative infrastructure solutions," said Promod Haque, managing partner at Norwest Venture Partners.

"We are privileged to work with quality investors such as Norwest Venture Partners and Charles River whose industry and market expertise will facilitate our strategic growth as a company," said Vanu Bose, president and CEO of Vanu, Inc.

"We are extremely excited about the growth prospect and market traction we have seen in India, and this investment gives us the ability to meet that demand," he added.

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