Vignani Technologies raises US$ 4 million in funding

Bangalore, Sep 19 (UNI) Vignani Technologies, a city-based product engineering services company, today announced closure of an US dollar four million Series A funding by Intel Capital, JAFCO Asia and KT Venture Group.

The new funding would strengthen sales and marketing, secure new staff and accelerate existing and new service initiatives, the company siad in a release here.

The 14-month-old company had established itself as a reliable player in the high-value engineering services. Customers include four Fortune 1000 companies in the semiconductor equipment, instrumentation and renewable energy industries, the release added.

Company CEO Kumar Ramachandran said ''Our unique royalty-based services model has attracted significant attention from large capital equipment manufacturers. This funding will help us strengthen our infrastructure and allow us to hire engineers and scientists required to meet our aggressive growth plans.'' Recent statistics estimate that total offshore engineering spending would grow to US Dollar 150 to 225 billion by 2020, and India, with its large talent pool and experience in engineering services, was poised to realise 25 per cent of this opportunity.

UNI VK GD TS1544