Indix (www.indix.com) today announced that it had secured $4.5 million in new funding from leading venture capital firms, Nexus Venture Partners and Avalon Ventures. Indix had previously raised $1.4 million in financing from seed investors, including Nexus Venture Partners.
Indix is a Seattle, USA, and Chennai, India, based company working on big data, analytics, visualizations and applications that help product and services companies manage and get the most out of their product portfolio. Indix is building a cloud-based product for individuals in businesses around the world and will continue to be in stealth mode until later this year.
“Indix is working on a disruptive concept that addresses a compelling need”, said Naren Gupta, co-founder & MD, Nexus Venture Partners. “Indix has a brilliant team and we are very excited to work with them”.
Indix was founded in late 2010 and started operating in late 2011. Indix has a world-class engineering and product team based out of Chennai, India. Indix’s founders have broad and diverse technology experience having worked at Microsoft, Cerent, Cisco, Caymas, NetScaler, Citrix and ThoughtWorks, amongst others. (For more on the founders, please visit www.indix.com/about).
“We love that Indix is pioneering a new type of business application that is data and insight rich and visually appealing”, said Rich Levandov of Avalon Ventures. “I think it’s going to make the life of a product manager a lot easier”.
“We have really enjoyed working with Nexus this past year”, said Sanjay Parthasarathy, CEO and founder of Indix. “And Avalon’s connection to Seattle and MIT make them a wonderful addition to our list of investors”.
The new funding will be used to accelerate product development and scale marketing and sales in the United States. The company might even upgrade their espresso machine.
Avalon Ventures is a venture capital fund comprised of former entrepreneurs driven by passionate people pursuing disruptive ideas in ever changing market environments. Avalon’s long-standing and successful focus has been on seed and early stage companies, including many it formed in the life science and information technology sectors.
Nexus Venture Partners is India’s leading venture capital fund, with offices in India and Silicon Valley. Nexus’ team consists of entrepreneurs who have founded and scaled large global companies. It has over $600mn under management with an active portfolio of over 45 companies across technology, Internet, media, consumer, and business services sectors. The Nexus team plays an active role in helping entrepreneurs and management teams build market-leading businesses.