Hyderabad-based venture capital firm VenturEast, has invested $5 million in US-based wireless technology licensing company Orca Systems, Inc.
The proceeds of the fund will be utilised to drive new product development in addition to marketing and sales initiatives to get more customers and grow the market share, CEO of Orca Systems Guruswami Sridharan said.
So far, with the second round of funding, Orca system has raised a total of $7 million.
Raghu Mendu and Siddhartha Das both General Partners with VentureEast have joined Orca’s Board of Directors.
"With the accelerating adoption of wireless communication in consumer products, we were looking for emerging leaders like Orca with game?changing technology and strong leadership to execute their vision. Orca has demonstrated path breaking, world?class innovation with significant capital efficiency by leveraging the immense talent pool in India" said Raghu Mendu, General Partner of VentureEast.
Orca Systems, Inc, is a semiconductor and intellectual property licensing company providing integrated radio frequency (RF) and modem technology for high performance wireless applications. Orca is headquartered in Poway, California, and has a development office in Bangalore, India.
VentureEast has assets of over $300 million under management, and focuses on high-growth, small and medium enterprises. It has offered financial support to over 50 projects in technology, healthcare and life sciences and cleantech, besides other emerging sectors.