Indium gets funding from IRIS

Chennai, Apr 20 (UNI) Indium, a leading provider of software test automation and quality engineering solutions, has secured around US dollar one million funding from IRIS Capital Ventures for its technology and market expansion programme.

Addressing a press meet here, company CEO Raghunandan said the new capital would be utilised to establish two Centers of Excellence - Wireless/Network Datacomm and Enterprise Applications - in Chennai, which had huge potential for improved infrastructure, while other markets were moving towards saturation point.

About 25 per cent of the capital would be invested to increase the company's presence in the US market, he added.

Mr Raghunandan said the Centers of Excellence, which would start functioning from June this year, were aimed at strategically moving customers to an off-site/off-shore quality model. Tactically, the centres would aim to become world class independent pre-certification bodies in the chosen technology areas, he added.

The company's revenue during the fiscal year 2005-06 was Rs 5.2 crore against Rs 2.3 crore the previous year. The company also had plans to hire 100 people over the next six months, he said.

UNI AKN AA 1928