Novire receives $4 million funding

MUMBAI: US based Novire Inc., will invest $4 million in its Mumbai based Indian subsidiary Novire Technologies. The first round of funding is already in process and the company is all set to launch its wireless LAN products next month with focus on operating wireless environment.

Novire Technologies CEO, Kaushik Somnathan said, "The funding would essentially be used for technology advancement. Our products have a distinct advantage in terms of technology and price and would be primarily targeted at SOHO and institutional segments."

The company intends to expand organically and is planning to launch more wireless LAN products to boost its bottom lines. It is strengthening its team and is hiring people to expand its India operations.

The company is planning to tap the $3.19 billion global market in the international wireless LAN that is growing at 41 percent per annum. The Indian market has not been tapped to its full potential and there are immense opportunities for growth in this sector.

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