Idea Device Technologies Pvt Ltd, a software product startup, has raised $4 million (Rs 24.7 crore) in Series A funding from venture capital firm Sequoia Capital. The funds will be used for global expansion into the US and Singapore markets (through partnerships and associations), talent acquisition and expanding its product suite.
“We are impressed with the team and the cross-platform, agent-less technology built by Idea Device. Their client success at such an early stage is a validation of both the market need and their technical prowess,” said Shailendra Singh, managing director, Sequoia Capital India Advisors.
The Bangalore-based company was founded by Saju Pillai (CEO) and Aaditya Sood (CTO) in 2008. Idea Device is a data centre automation platform company that develops products in the enterprise IT automation space. Its solutions help enterprises reduce operational errors and manual processes in their data centres, resulting in robust systems, decreased downtime and improved IT compliance.
Initially incubated at NSRCEL, IIM Bangalore, the company also has offices in Mumbai and Singapore. According to the firm, it currently works with leading organisations in the IT and BFSI sector. Its site mentions names like Avaya, Microsoft and VMware as its partners. It is also planning to launch cloud automation products.
Prior to setting up Idea Device, Pillai worked at companies like Pentaur Tech and Oracle Corporation. He holds a BE degree in electronics and communication from University of Madras. A National Institute of Technology Calicut alumnus, Sood earlier worked at companies like Pentaur Tech, Yahoo and Erudent.
“We believe that ‘computers should manage computers’. Our flagship product Epsilon can model complex IT processes across all types of data centre technologies, allowing it to be a ‘single pane of glass’ solution for all the automation needs of the data centre,” Pillai said.
In India, Sequoia Capital currently manages funds capitalised at close to $1.4 billion and invests across venture, growth and late stage opportunities. Over the last 5 years, Sequoia Capital has invested in more than 50 companies in the country, including Capillary Technologies, Druva Software, Just Dial, Micromax, Mu Sigma, Pine Labs, Prizm Payments, Quick Heal and Vasan Health Care. The firm operates out of offices in Bangalore, Mumbai and New Delhi in India and maintains dedicated teams in the US, China and Israel.
(Edited by Joby Puthuparampil Johnson)