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Geodesic Techniques, a Banglore-based innovative design and civil engineering company, has raised $11 million from venture capital firms Mayfield Fund and SVB India Capital Partners, a venture fund affiliate of Silicon Valley Bank.
The company claims to have expertise in diverse construction techniques such as space frames, domes, pre-engineered buildings, steel buildings, glass structures, tensile structures, lightweight Structures and pre-fabricated buildings.
The funds will be used for setting up a steel fabrication unit in Bidar and for other working capital requirements. Geodesic’s design and construction projects include factories, offices, stadiums, auditoriums, hotels, temples and diverse utility outlets.
Some of the company’s projects are like Mumbai and DelhiInternationalAirports. It current clients include Indian Oil Corporation, Banglore Development Authority, ING Vysya Bank, SAP Labs and Unilever.
This will be Mayfield’s sixth investment in India, the most recent being Genesis Colors, a Delhi-based fashion design house. It has also invested in mobile payment company PayMate India Pvt. Ltd. It other investments include Tejas Networks, Bharat Matrimony and Servomax. Mayfield had also invested in early-stage technology fund Seedfund.
Mayfield Fund is also reported to be raising $150 million for its first India dedicated fund.
SVB India Capital Partners Fund is a $54 million equity fund that is focused on Indian companies and co-invests across industries and stages with top-tier venture capital firms.
This is the fifth co-investment of SVB in India. Only today, SVB announced its investment in iYogi, a Gurgaon-based remote technical support provider. The firm had co-invested with Mayfield fund in Genesis Colors. It had earlier invested in TutorVista (along with Sequoia) and One97 Communications (along with SAIF Partners).
Silicon Valley Bank is also planning to get into venture lending in India, which is going to be a new concept in Indian venture capital business.