Emagia to expand research and development operations

Hyderabad | Updated: Nov 29 2004, 05:30am hrs
Emagia Corporation, a US-based provider of cash flow management solutions and products with a development centre in Hyderabad, has raised $7 million, third round venture capital from three leading venture capitalists - Timeline Ventures, Sigma Partners and West Bridge Capital recently.

The company has decided to invest $4 million in its Hyderabad centre to further expand its R&D operations, infrastructure facilities and support services in addition to sales and marketing teams in India. Emagia has already invested heavily in the Hyderabad centre.

Addressing the press conference to announce the latest developments and the expansion plans, Veena Gundavelli, Chairperson, founder and Chief Executive Officer of Emagia, said: The fresh round of funding by the leading venture capitalists has proved Emagias capabilities in its products and technologies in the cash flow management area.

Emagia, which raised $14 million in the first two rounds and invested the entire fundings in R&D, Indian and the US operations over the last two to three years, will be investing majority of the new fund amount in India. We propose to pump in $4 million in the next 12 months to multiply our manpower three times from the present 100, apart from investing in research and development, infrastructure facilities and sales and marketing teams, she said further.

All the four products of the company - inflow management, outflow management, enterprise cash management system and cash flow analytics - have been developed in its Hyderabad development centre.