Reliance Venture Asset Management, the corporate venture capital arm of the Reliance ADA Group, has led the Series C round of venture funding in Tessolve Services, a semiconductor test and product engineering company. The company will also see commitments from existing backers like JAFCO Asia, Qualcomm Ventures and Applied Ventures.
The company will use the proceeds for both organic and inorganic expansion.
Founded in Bangalore in 2004, Tessolve Services is a full-service semiconductor test and product engineering company with an employee size of over 400. It is a privately held company which has got VC funding from Vertex Ventures, Qualcomm Ventures, Applied Ventures and Jafco. It raised an undisclosed amount from Qualcomm Ventures in 2008 and also raised money from Applied Ventures LLC, the investment arm of Applied Materials Inc. in 2008.
Tessolve provides experienced engineering capability to support and manage all functions from design for testability (DFT) through package design, test development, charaterization and optimized production to lower cost throughout the life of the product.
Post its repositioning from Reliance Technology Ventures to Reliance Venture Asset Management, the firm invested in Reverse Logistics along with Kleiner Perkins Caufield & Byers and Sherpalo Ventures. Some of Reliance Venture’s earlier investments include technology firm Dhama Apparel Innovations, Scalable Display Technologies Inc and Suvidhaa Infoserve, among others.
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