KITVEN, a venture capital fund managed by by Karnataka Asset Management Company Pvt. Ltd, has invested an undisclosed sum in Bangalore-based VidTeq India Pvt Ltd in its first round of venture funding.
VidTeq provides video directions based on videomap technology. It is engaged in building software solutions for videomaps, digital maps and search database for navigation and locational needs. The company was founded by Chandra Thimmannagari, Navada Muraleedhara and Ravi Narala in May 2008.
“We are extremely excited to have KITVEN on board. We plan on using the fund for expansion, enhancing our sales and marketing team and taking our Cell app to production,” said Chandra Thimmannagari, Director, Co-founder and Co-CEO at VidTeq.
The funds are being invested through KITVEN Fund II, a $5.3 million venture capital fund managed by Karnataka Asset Management Company. It is into seed funding and early stage investments in India. The firm invests in companies operating in the field of information technology, bio-technology and nano-technology.
It chases invests between $0.2 million and $0.5 million in its portfolio companies. This is their fourth investment from the new fund. KITVEN’s earlier investments are in Pawaa Software, Mitra Bio tech and Sloka telecom.
“Going forward we see a huge market potential in Navigation, Location and Local Search. We believe VidTeq is in the right space to address this market. We also believe they have the right technology (VideoMap) to take advantage of this market”, said Jayakumar, CEO at KITVEN.