Tejas Networks Secures $15 Million in Series C Funding - Battery Ventures Makes First Investment in India into Leading Developer of Next Generation Optical Networking Products
Bangalore, India, January 06, 2005 : Tejas Networks, a leader in next-generation SDH/SONET products, today announced that it has completed a $15 million Series C round of financing led by Battery Ventures, a top-tier venture capital firm focused on investing in technology companies at all stages of growth. Existing investors Dr. Gururaj “Desh” Deshpande, Intel Capital and IL&FS Investment Manager also participated in the round.
The company will use proceeds of the financing to expand its operational functions as well as grow its international presence through sales partnerships. In conjunction with the funding, Carl Stjernfeldt, a partner with Battery Ventures, will join the Tejas Network’s board of directors.
“The support and funding that we have received from top-tier investors and venture capital firms not only validates that Indian companies can attract world class capital and compete in a global market, but also puts Tejas in a strong spot to build on its growing leadership position in the next-generation optical networking market,” said Sanjay Nayak, chief executive officer, Tejas Networks. “Working with investors who both understand and are committed to building a product company from India is critical to our success which is one of the reasons we chose Battery Ventures to lead this round.”
“While most companies in India are focused on the services industry, Tejas Networks is one of the first companies that is developing world class technology products,” said Dr. Gururaj “Desh” Deshpande, chairman of the board, Tejas Networks and co-founder and chairman of Sycamore Networks. “With its impressive expanding customer base, the company is quickly becoming a strong contender in the next generation optical networking market. Tejas has already achieved a lot of success in an extremely competitive market like India and this funding will help fuel Tejas’ leadership position on a global scale.”
Since it’s founding in 2000, Tejas has several customers worldwide and its equipment is running successfully in over 25 live carrier networks across the globe. Tejas’ TJ100 family of next- generation optical access products enable customers to build SDH/SONET networks that can effectively service both voice and data applications. Apart from having a large customer base in India, Tejas has forged several international OEM partnerships. “We believe that India will play a key role in the worldwide venture capital market, not only as a source of excellent entrepreneurs and companies, but also as a rapidly growing domestic market” said Carl Stjernfeldt. “With a first class management team, unique technology and solid customer base, Tejas Networks is a great example of a company in India that is well poised to grow into a leading global company. We look forward to being part of the company’s continued success.”
About Tejas Networks
Tejas Networks is the emerging leader in India building next generation optical networking products for the global market. Tapping into the exploding need to deploy broadband data services based on Ethernet while still supporting traditional voice services, Tejas pioneered the development of cost effective, software-differentiated, next generation SDH/SONET products that enable telecom carriers to converge traditional voice-based networks with the new data-dominated networks. With over 25 customers around the world using thousands of Tejas products in live carrier networks, Tejas continues to build on its mission of delivering state-of the-art, cost-effective products to the global market. Contact Tejas Networks at http://www.tejasnetworks.com
About Battery Ventures
Founded in 1983, Battery Ventures is a leading venture capital firm focused on investing in technology companies at all stages of growth from seed to later stage and tech buyouts. With a team of over 20 experienced investment professionals, Battery leverages its people, expertise and capital to actively guide companies to category dominance. The firm has invested in over 180 companies worldwide across information technology industries. From its offices in Wellesley, MA and San Mateo, CA the partnership manages over $2 billion in committed capital, including its new fund of $450 million. For more information, visit www.battery.com