Date:15/09/2004 URL: http://www.thehindubusinessline.com/2004/09/15/stories/2004091501850700.htm

Back CXO Systems gets $7.5 m

Our Bureau

Pune , Sept. 14

CXO Systems Inc, headquartered in Waltham, Massachusetts, in its second round of funding, has secured $7.5 million.

Mr Abhay Patil, Director (Operations), CXO Systems India Pvt Ltd, talking to presspersons, said 25 per cent of this amount would be utilised for product development, to be shared equally between the two development centres, Pune and Sunnyvale, California and the remaining 75 per cent for marketing.

He said the Pune centre, which has staff strength of 12, would completely focus on the research and development effort, on a par with the R&D efforts in the US. The staff strength in Pune is likely to increase to 25 by December 2005.

He said the company had received its first round of funding to the tune of $4.8 million in January 2003 with investors Grand Bank Capitals, Kodiak Venture Partners. The second round funding has initial investors such as Grand Bank Capitals and Kodiak Venture Partners along with Ironside Ventures and Cisco Systems also taking part, he said.

In the second round, Grand Bank and Kodiak have brought in $2 million each, Ironside Ventures $2.25 million and Cisco $1.25 million.