iYogi Secures $15 Million in Funding Led by Draper Fisher Jurvetson to Fuel Surging Market Share in Rapidly Growing Consumer Tech Support Market
Significant New Round of Funding to Build on iYogi’s Global Delivery Platform and Enhanced Services with Channel Partners
India, Gurgaon, January 06, 2010: iYogi, the fastest growing on-demand consumer tech services company, announced today it has raised $15 million in funding to accelerate the company’s continued global growth in consumer remote tech support services. Draper Fisher Jurvetson joined continuing investors Canaan Partners; SAP Ventures, a division of SAP AG; and SVB India Capital Partners in the new financing.
iYogi will use the investment capital to enhance services, expand its team of Global Tech Experts, and build on the significant growth it has experienced in the last year. Since 2008, iYogi has seen 300 percent growth in revenues and subscribers, and has doubled its employee base to 1,200. For the next year, iYogi is forecasting an additional 300 percent revenue growth and an increase to 3,000 Global Tech Experts worldwide.
“The surging demand for remote technical services stems from the critical need for computer owners to keep their systems up and running and retailers to differentiate their offerings, particularly as the PC market becomes increasingly commoditized and competitive,” said Mohanjit Jolly, Executive Director at Draper Fisher Jurvetson India. “With its global team of experts, advanced support services and intelligent knowledge platform, iYogi is well-positioned for significant expansion and differentiation in this category, and is partnering with top tier retailers, ISP’s, OEM’s and software vendors to broaden its footprint.”
iYogi’s Global Delivery Platform is powered by Microsoft Certified tech experts, an extensive knowledge base and advance tools for diagnostics, repair and maintenance. The company has witnessed exponential growth through online direct marketing across four primary geographies - US, United Kingdom, Australia and Canada. In the coming year, iYogi will continue to build on its online brand presence and expand upon its channel partnerships to accelerate global expansion in the vast market for remote computer tech support.
“We are delighted to have support from successful, high-profile venture firms like Draper Fisher Jurvetson along with Canaan Partners, SAP Ventures and SVB India Capital Partners,” said Uday Challu, entrepreneur and CEO of iYogi. “iYogi’s progress over the last year is both a strong reflection of the tremendous market opportunity for remote technical services and an indication of iYogi’s momentum in seizing significant market share. We are able to effectively and consistently address and resolve consumer concerns through our unique Global Delivery Model across multiple geographies with the highest resolution rates and customer satisfaction in this growing industry.”
Today, iYogi has more than 100,000 annual subscribers and provides thousands of single incident sessions every day on a 24/7 basis. Its Global Delivery Platform delivers on the highest customer quality benchmarks in the industry and gets smarter with every customer interaction, building a powerful knowledge base that provides unique customer insights on predictive needs to tech support.
Draper Fisher Jurvetson ("DFJ") backs extraordinary entrepreneurs everywhere who set out to change the world. DFJ achieves its mission through its DFJ Global Network of Partner Funds. Together, DFJ and the Network manage over $6B and have made more than 600 investments on four continents. With a 24-year history of success across diverse sectors and market conditions, DFJ has led the way investing in emerging technologies, from the Internet and life sciences to clean energy and nanotechnology. DFJ has been proud to back over 500 companies across many sectors including such industry changing successes such as Hotmail (acquired by MSFT), Baidu (BIDU), Skype (acquired by EBAY), United Online (UNTD), Overture (acquired by YHOO), Athenahealth (ATHN), EnerNOC (ENOC), TicketsNow (acquired by TicketMaster), Feedburner (acquired by Google), Interwoven (IWOV), Four11 (acquired by YHOO), Parametric (PMTC), and Digidesign (acquired by AVID). For more information, visit : www.dfj.com
iYogi is a global on-demand services company that provides personalized computer support for consumers and small businesses in United States, United Kingdom, Canada and Australia. iYogi’s unique model, including proprietary technology iMantra and highly qualified technicians, is designed to eliminate computer-related stress and keep millions of digitally dependent consumers and small businesses always protected and productive. Only iYogi -- with its proven global expertise delivery model, intelligent customer insight systems, easy-to-use self-help tools and automated PC optimization and computer support services – offers users a simple yet comprehensive path to digital serenity. iYogi has perfected the remote technical support model to overcome the current limitations of in-store, on-site, or call center services to become the fastest growing provider of support in the industry. Major resellers and technology companies are increasingly turning to iYogi to improve customer satisfaction, reduce return rates, and deliver a compelling new-value added offering to customers. For more information on iYogi and a detailed list of technologies supported, visit: http://www.iyogi.net.