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Press Releases
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Tejas Networks Raises US$ 20 Million in Equity Funding
New Funding to fuel growth in Global Markets & Packet-Based R&D
Bangalore, India, November 7, 2006 – Tejas Networks, a leader in next-generation optical networking products, today announced that it has acquired US$20 million in new equity financing. This funding round was led by Sandstone Capital, an India-focused fund, based out of Boston, USA. Existing investors, Dr. Gururaj “Desh” Deshpande, Battery Ventures & Intel Capital also participated in the round, along with a new co-investor, SUN Technologies.
The company will use proceeds of the financing to expand its international business and invest aggressively in R&D for developing new packet-aware optical products.
“We are delighted to attract funding from global investors who are excited and committed to helping build a global product company from India,” said Sanjay Nayak, Co-founder and CEO. “Over the last few years, we have developed a portfolio of world-class products and have seen tremendous growth in our business. With a solid foundation in place, we decided that this was the right time to invest aggressively and scale our business to the next level.”
“We believe that the time is ripe for Indian product companies. Tejas has performed very well not only to gain significant market share in the fast-growing but highly competitive Indian telecom market, but has also reached international customers through strong global partnerships”, said Paresh Patel, Managing Director of Sandstone Capital. “With a top-class team, great technology and solid customer base, we are confident of Tejas’ success and look forward to being associated with the company as it achieves its ambitious growth plans.”
“I am excited to see the tremendous progress that Tejas has made. They have shown that it is possible to develop world-class technology and products and compete against the best in the business,” said Dr. Gururaj “Desh” Deshpande, Chairman of the Board, Tejas Networks. “With its impressive product portfolio and an expanding customer base, the company is well poised to become a strong global player.”
About Tejas Networks
Tejas Networks India Limited is an emerging leader in 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 several 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 optical networking products to the global market. Contact Tejas Networks at http://www.tejasnetworks. com
About Sandstone Capital
Sandstone Capital is one of the largest India-dedicated investment funds. Sandstone Capital is based in Boston, Massachusetts and manages capital for U.S. and European universities, foundations and families. Sandstone invests in public and private Indian companies with strong growth prospects, in dynamic industries and with professional leadership interested in building their companies for the long-term. Our goal is to identify companies early in their lifecycle and provide the capital, advice and relationships necessary to enable their continued growth and success. Contact Sandstone at lancy@sandcapllc.com.
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