Bangalore, Oct 10: Data centre automation platform start-up Idea Device has raised $4 million (Rs.24.8 crore) from private equity firm Sequoia Capital through a first round of funding to expand operations and launch new software products.
“We are exploring opportunities for global expansion by foraying into Singapore and US markets through partnerships and associations,” Idea co-founder and chief executive Saju Pillai said in a statement here Thursday.
Incubated at N.S. Raghavan Centre for Entrepreneurial Learning (NSRCEL) in the Indian Institute of Management-Bangalore (IIM-B) campus, Idea develops products in the enterprise IT automation space.
Raghavan was a co-founder of the Indian IT bellwether Infosys Ltd in the 1980s.
Idea’s software products are used by some of the largest enterprises, including banks, stock exchanges and multinationals across the country.
The company’s automation solutions help enterprises reduce operational errors and manual processes in their data centres.
“Our solutions enable enterprises to have robust systems, decrease downtime and improve compliance,” Pillai asserted.
The company is ramping up its headcount by hiring skilled engineers and UI (user interface) talent for expanding its product portfolio.
“We believe computers should manage computers. Our flagship product Epsilon can model complex IT processes across datacentre technologies, allowing it to be a one smart device for automation needs,” Pillai asserted.
Venture Capital India managing director Shailendra Singh said the client success rate of Idea at an early stage was a validation of the product need in the market, and its technical prowess.
“We are impressed with the Idea team and the cross-platform, agent-less technology it has built,” Singh noted.
The Indian subsidiary of the US-based Sequoia manages funds capitalised at $1.4 billion and invests across venture, growth and late-stage opportunities.
During the last five years, the venture fund has invested in about 50 Indian firms across diverse verticals.