Promoted by IT industry veterans, Exfinity Technology Fund on Monday announced an investment of $1.5 million (Rs 9 crore) in Bangalore-based video streaming solutions provider RiverSilica Technologies. Exfinity has former Infosys board members, Balakrishnan V and TV Mohandas Pai, former joint CEO of IT-services firm Wipro, Girish Paranjpe and Deepak Ghaisas, former i-Flex Solutions CEO, at the helm.
“RiverSilica’s product line PIXFIX uses innovative patent pending mathematical algorithm to deliver industry standard videos for network constrained environments. PIXFIX supports live video and on demand video for people to watch anywhere-anyplace through the internet video chain,” Balakrishnan said on the investment. It was in October 2013 that the IT chieftains had joined hands to incorporate Exfinity in Bangalore with a corpus of Rs 125 crore to fund 15-17 start-ups in the fields of big data, analytics, and security.
“This round of funding from Exfinity will ensure that we at RiverSilica will be powered on our growth trajectory for our product and associated platform driven services. It will help us reach global market with our PIXFIX product line,” said RiverSilica founder and president Jagannathan Balaji.
Earlier in June, Exfinity had invested in Virtual Power Systems, a US-based start-up providing technologies to reduce consumption of power by data centres.