VCCircle

IDG Ventures India has invested $2.5 million in a network security startup iViZ. The Kolkata-based company is in the security and vulnerability management segment and claims to have developed the world's first automated and on-demand penetration testing product. (See a report here). This is the fourth investment of the Bangalore-based early stage technology-focused venture capital fund which has $150 million under management. IDG Ventures India chief Sudhir Sethi had hinted at this investment at the VC Circle event last Friday in Bangalore.
The fund's previous investments include consumer gaming company Kreeda Games of Mumbai, Manthan Systems and ConnectM, a spin-out of Sasken Communications. Sethi has been quoted as saying that the fund is expected to close two more transactions this month. “This investment is based on our thrust of investing in disruptive software product firms out of India with a potential to scale globally. Security is a key market for us,” Sethi said. Sethi and Hemir Doshi, investment advisor at IDG Ventures India, will join the board of directors.
IViZ is a start-up founded by two IIT Kharagpur alumni in 2005. It employs about 15 people. Bikash Barai is CEO of iViZ. The company is believed to be addressing a global market of over $10 billion, growing annually at over 18 per cent.
IDG Ventures's focus investment areas are:
--Software products and services with a focus on business intelligence, security and 3D technology
--Engineering, electronics and life sciences with a focus on aero space, automotive
--Medical electronics and renewable energy,
--Digital consumer with a focus on Internet, mobile VAS and games and Telecom, semi conductor and wireless