Avekshaa Technologies has received undisclosed funding from KITVEN at an enterprise valuation of $8 million. Based in India, Avekshaa is a provider of next-generation specialized IT solutions.
Bangalore,Karnataka (PRWEB) December 12, 2014
Avekshaa Technologies, a fast growing provider of IT predictability and assurance solutions to BFSI and Telecom verticals today announced that it will target the globally growing digital commerce market. Avekshaa launched ‘DigComP-A-S-S™: Avekshaa Digital Commerce P-A-S-S™ Assurance Solution’, a specialized solution that will enable ecommerce, retail and other enterprises with high volume digital commerce transactions besides address one of their biggest challenges – IT performance and scalability issues. ‘DigComP-A-S-S™’ deploys Avekshaa’s IP driven P-A-S-S™ (Performance, Assurance, Scalability & Security) Technology platform providing a new and unique approach to mitigate business and IT risks and provide organisations technology reliability as they expand operations.
Avekshaa also announced that it has received Venture Capital funding from KITVEN (Karnataka IT Venture Capital Fund) at an enterprise valuation amounting to US$8 million. It will use the funds to further expand in the US and Australian markets that it forayed into earlier this year, besides strengthening its presence in India.
Speaking at a press briefing, Rajinder Gandotra, Founder, CEO, Avekshaa Technologies said, “The investment from KITVEN is a testament to our leadership position in the IT predictability and assurance space. The current funding will help us to expand globally while retaining our leadership position in the Indian market. We are also very pleased to have V.Balakrishnan, Prof. S. Sadagopan and Ajay Goel joining our board. Their experience and expertise will be invaluable in helping us continue to build a world class technology company out of India. We aim to become the global market leader in the niche P-A-S-S™ (Performance, Availability, Scalability and Security) Assurance space over the next five to six years targeting a revenue of US$100 Million.”
Explaining the relevance of the new digital commerce offering, Arun Ramu, Co-founder and Director said, “Close to 75 million devices are expected to be connected to the Internet by 2020 and omni-channel multi-device retailing is the new norm. Global IP traffic has increased five-fold in the past five years and will increase further. 50% of most businesses’ core processes will shift online/web based by 2020 and CIOs and enterprises world over are grappling with IT performance and scalability issues resulting in significant losses in revenues, customers, reputation and time-to-market. Customers are expecting seamless and consistent user experience across channels and devices and synergy across is imperative for organisations. Our DigComP-A-S-S™ offering is customized to provide analytics, customer insight, peak load assurance and batch monitoring to enterprises scaling their operations and handling a large volume of digital commerce transactions.”
“KITVEN’s focus is to create an ecosystem for technology based start-up companies in the state of Karnataka. Avekshaa Technologies is a leader in the IT Predictability and Assurance space, and we are excited about our investment. We believe our investment will help Avekshaa to meet its strategic objectives and become a global leader in this space,” said Manish Kumar, AVP, KITVEN Funds.
About Avekshaa Technologies
Avekshaa Technologies is a next generation Specialized IT solutions company, providing niche solutions in the P-A-S-S™ (Performance, Availability, Scalability and Security) Assurance space to BFSI, Telecom, Retail, Energy and utilities Enterprise customers globally. Avekshaa Technologies has brought in a paradigm shift in the way Performance, Availability, Security and Scalability (P-A-S-S™) requirements are delivered for Business Critical Applications and IT systems through a Proactive, Holistic and Integrated approach. This “P-A-S-S Platform” is a newer approach to manage Complexity, Investment Protection, and Value Extraction from the existing & new IT Systems.
Started by a team of ex-Infosys executives, Rajinder Gandotra, Arun Ramu and Ashutosh Shinde, besides Ramnik Singh, Aveskshaa has been ranked the Fast 50 technology companies in India by Deloitte (2014), NASSCOM Emerge 50 Award 2013 and stood among the top 5 finalists for ‘Express IT Awards 2014’ in the start-ups, emerging category.