Nevis Networks raises funding from Ncubate Capital Partners
Summary
Although the financials of the deal were not available, Nevis will utilise the funds for product development and operations expansion across the globe. "Ncubate is looking at companies with strong management teams at early stages of growth and Nevis has the opportunity to build a global company providing state-of-the-art security solutions," said Rakesh Malhotra, founder and managing partner, Ncubate. The fund, founded by Rakesh Malhotra, also the founder and chairman of Luminous Power Technologies, focuses on branded consumer products and services, mobile VAS and digital media and logistics and supply chain sectors, among others. Nevis Networks was founded in 2002 by late Ajit Shelat and is headquartered in Pune, where its research and development centre is located. The company designs, develops and markets security switching and appliance solutions and has customers in many countries including India, USA, Canada, UK and China in education, BFSI, IT/ITES, defence, govt-PSU and energy verticals.