Tata Capital Innovations Fund (TCIF), has invested $5 million in mobility computing firm Alef Mobitech. Alef will use the funds for business development and marketing.
The company is a fully owned subsidiary of US based Alef Mobitech. Alef Mobitech Inc develops mobile software based networking solution for the mobile industry. The company offers services like mobile networking, cloud computing, content and applications. Founded in 2012 by Ganesh Sundaram and Steven Spencer, the company is based in New Jersey with local offices in Mumbai and Pune.
Vineet Chadha, partner at Tata Capital Innovations Fund, stated that smartphones have become ubiquitous, mobile technologies that are available currently are unable to handle the growth in mobile data. Alef’s solution enhances customer experience on mobile networks by providing quality mobile content and interactions.
TCIF is a SEBI registered domestic venture capital fund. It invests in companies which have sustainable technology advantage. Tata Capital Limited, the financial services arm of the $108 billion Tata Group of companies, is the investment manager of the Fund. TCIF has made seven investments till date including Alef Mobitech Solutions, though the mother company, Tata Capital has invested in eight tech startups including this one – Vanu, Mitra Biotech, Sun Catalytix, Vaultize, IFMR Rural Channels and Services, Innoviti, Nearex and now Alef Mobitech.
Alef had previously raised $6.5 million from Edward Lindqvist, Leon Ariyan, Select Venture Partners and TCIF in two rounds. Companies following the same model include Coachware Inc., UTS Global, Trio Security, Cobalt company etc.Category Investments News