To launch computing service across the country
Plans to foray into new geographical areas
CHENNAI: New Enterprise Associates (NEA), a U.S.-based venture capital firm, has invested an undisclosed sum into the Chennai-based Novatium Solutions. The investment is facilitated by issuing fresh equity shares at a premium, it is learnt.
Alok Singh, Chief Executive Officer of Novatium, told The Hindu that NEA had come in both as an investor and a partner.
Novatium is a technology products company that designs, develops and markets a range of network computers.
Based on Novatium’s technology platform, these devices enable triple play.
Novatium Solutions has launched what it calls a first-of-its-kind computing service with a vision to reach 50 million homes in the next five years. Mr. Singh said the NEA investment would primarily help Novatium to expand beyond Chennai. “We are planning to launch our services across the country,” he said and added that Novatium would announce its foray into new geographical areas soon.
Following the infusion of funds into the company by the venture capital firm, couple of nominees of NEA would be inducted into the Novatium board, taking its strength to six.
Mr. Singh said Novatium was now getting ready to get into revenue cycle after being in the development mode for a while. “In a week’s time, we are looking to launch our services commercially,” he added.
Novatium delivers computing to the home with a ‘thin’ network computing device that moves complexity to the central server, providing the user with appliance-like simplicity.