Techfarm to invest in Indian tech firms

BANGALORE: Techfarm, a California-based venture capital firm, has proposed to

invest significantly in Indian Technological firms. In this regard, the firm has

signed two separate agreements with the Government of Karnataka and Unit Trust

of India.

The MoUs (Memorandum of Understanding) have been signed "to identify

innovative start-up companies and to assist them in achieving their fullest

potential," according to Techfarm’s general partner Gordon A Campbell.

The company is planning to invest nearly $50 - $100 million in this regard.

It has already pioneered the success of nearly 30 companies in the Silicon

Valley. These companies are n the operational line of video compression,

semiconductor designing and manufacturing, micro drives designing and

manufacturing and Internet software.

"The firms we will be interested in, should be involved and engaged in

cutting edge and emerging technologies. We will also focus on individual

achievements with regard to technological lab innovations in leading educational

institutions across the country," he sais.

According to an agreement with the Government of Karnataka, the state will

provide the necessary infrastructure and a single point of contact for statutory

clearances. This will be extended to all the firms, incubated by Techfarms,

planning to set shop in the city.

In the agreement signed with UTI, Techfarm will solicit UTI's assistance in

identifying the companies in India, while the latter will do the same in the US

market. UTI Venture Funds CEO Raja Kumar said, "We have received 350

proposals as on date and have short listed five of them. An amount of Rs 30

crore has been earmarked for investment in these companies."