Prakash Bhalerao Invests $2.5 Million In Verismo Networks; To Raise VC Funds Later In The Year
Wed, 01/25/2006 - 15:11 — Sahad P V[Via ContentSutra] Verismo Networks Inc, a media technology company headquartered in Santa Clara, California, has found an angel investor in serial entrepreneur Prakash Bhalerao, who has ploughed in $2.5 million into the company. Bhalerao has also taken over as the company’s chairman and chief executive officer. The company has also opened its Indian product development subsidiary in Bangalore.
“We plan to help enable the convergence of broadband and entertainment to provide entertainment though next-generation TVs and set-top boxes,” Bhalerao said, adding that its products should be out next year, to be followed by products that enable mobile broadcasting.
Verismo’s partners include Advanced Micro Devices Inc., Intel Corp. and Real Networks, he said. Bhalerao said he expects to raise venture capital funds in India to fund Verismo later in 2006. (Source: EETimes)
