CircuitSutra Technologies Pvt Ltd, a Noida-based software services company, has raised Rs 90 lakh from SIDBI SAS, the risk capital fund of Small Industries Development Bank of India (SIDBI) for MSMEs (Micro, Small and Medium Enterprises). SIDBI SAS is a Rs 2000-crore fund providing structured financing to startups and early stage enterprises with a focus on innovative new economy businesses. The investment has been made through equity and optionally convertible debentures, said a company statement.
CircuitSutra is an incubatee company of Amity Innovation Incubator (AII), which played as the advisor to this deal. It has also raised seed funding from Science and Technology Entrepreneurs Park (STEP), JSSATE, Noida.
AII currently has 14 companies under its fold, out of which four companies are getting SIDBI SAS funding, Apoorv R Sharma, GM, AII told VCCircle. He, however, did not disclose the names of other three firms at this stage.
CircuitSutra plans to utilize the fund to explore new markets, for product development and R&D. The company was founded in 2005 and offers its clients technology in chip designing and automation in a simulated environment. It also has operations in Japan. It further plans to launch its operation in embedded semiconductor software services space.