Ventureast-TeNet Fund launched

CHENNAI: Ventureast Fund Advisors has set up a $15-million Ventureast-TeNet

Fund to incubate new technologies in the area of Telecom and IT, in association

with the TeNet Group of Indian Institute of Technology IIT Madras.

TeNet Group, comprising 10 faculty members, who have expertise in digital

communications, wireless networks, computer protocols, optical communications,

digital signal processing, speech, audio and video technologies, computer

vision, network management, multimedia, digital system design and embedded

systems, will be the technology advisor for the fund. Ray Stata, Chairman of

Analog Devices, USA, the lead investor, has committed nearly $10 million to the

fund.

"The fund will invest somewhere between Rs 25 lakh and Rs 100 lakh in

the initial stages of businesses and technologies developed at the IIT Madras

and other research institutions. We have concentrated on seed stage funding as

the bulk of investment opportunities in India lie in the seed stage," said

Sarath Naru, co-founder of Ventureast-TeNet Fund and Managing Director of

Ventureast Fund Advisors.

"Though India has earned a reputation as a country focusing on services,

it has also been designing and marketing products. Between 1995-96, TeNet had

been incubating firms essentially to design and market products for the

international and developing markets.

Our focus has been on developing countries, since there is a tremendous

potential for low cost products with revolutionary technologies. I believe this

fund is for such companies," said Prof Ashok Jhunjhunwala, Head, Electrical

Engineering Dept and TeNet Group, IIT Madras.

"I believe this fund will kick start the high technology industry in

India developing technologies that will meet the specific demands and needs of a

country like India," said Ray Stata, Chairman, Analog Devices.