Mumbai, April 7, 2010: Reliance Venture Asset Management, India's first and largest corporate venture capital firm and an arm of the Reliance ADA Group, today announced that it has successfully led and completed the Series C round of venture funding in Tessolve Services, a leading independent full-service semiconductor test and product engineering company. The announcement comes close on the heels of the company's recent investment in Reverse Logistics and reflects the broadening of its investment canvas to partner with companies that are pioneers in their spaces with innovative business models.
Founded in Bangalore in 2004, Tessolve Services is India's first independent full-service semiconductor test and product engineering company with an employee size of over 400. Since its inception the company has grown exponentially in its domain and counts some of the world's largest semiconductor companies as its clients. The association with Reliance Venture Asset Management and the latest round of funding is aimed at taking the company into its next phase of expansion with a focus on both organic and strategic inorganic growth.
Speaking on the investment, Harshal J. Shah, CEO, Reliance Venture Asset Management said, "At Reliance Venture Asset Management, we drive ourselves to remain on the cutting edge of upcoming business models. Being opportunistic investors, we're also stage agnostic in our approach and our investment in Tessolve is a testament to these investment philosophies. Tessolve's strong engineering capabilities and its value proposition to customers has made it an industry pace-setter and we are proud to be their partners in success. "
P. Raja Manickam, Founder, Tessolve Services said, "Since inception Tessolve has received tremendous support from the VC ecosystem at critical junctures during our growth. We are glad to have the support of Reliance Venture Asset Management as we embark on a new growth trajectory with an aim to scale up operations and expand capabilities in India."
Tessolve provides experienced engineering capability to support and manage all functions from Design for testability (DFT) through package design, test development, charaterization and optimized production to lower cost throughout the life of the product. As semiconductor product companies have to increase the number of new products to maintain or grow, they can take advantage of the scalability, cost and engineering expertise of Tessolve. With its state of the art facility at Bangalore, Tessolve is equipped with the most sophisticated test systems and dedicated engineering team to assist in developing test solutions for RF, advanced mixed-signal, memory and digital devices.
While Reliance Venture Asset Management will lead this round of investment, the other co-investors for the deal include Tessolve's existing investors; JAFCO Asia, Qualcomm Ventures and Applied
About Reliance Venture Asset Management Ltd
Reliance Venture Asset Management Ltd is the corporate venture capital arm of the Reliance ADA Group. Since its inception in early 2006, the company has advised and / or invested in deals to the tune of over $4 billion. Stage, geographic and sector agnostic in its investment philosophy, Reliance Venture Asset Management has a global portfolio to its credit and has invested in promising companies such as India's largest online travel portal, Yatra.com, Suvidhaa Infoserve, Stoke Inc, Pelago Inc, Sequans Communications, E-Band Communications, Seedfund and two MIT-startups, Dhama Innovations and Scalable Display Technologies. Some of the transactions they had advised the Reliance ADA Group on include the $300 million all-cash acquisition of San Francisco-based, Yipes Inc. by Reliance Communications, $82 million acquisition of UK-based, Vanco plc, and eWaveWorld, a $500 million initiative to bring 3G and 4G to 50 countries around the world by 2012. Headed by Mr. Harshal J. Shah, an MBA alumnus of Wharton School of Business, a Truman Gray Scholar with dual degrees from MIT, and an Andover Scholar from Phillips Academy in Andover, USA, the company comprises of professionals who bring over 50 years of cumulative experience and a solid academic base (MBAs - Ivy League, Technologists from premier Indian & International Universities & Chartered Accountants). The company was recently ranked 30th in the Red Herring Top 100 Global Venture Capital Firms in 2009 and was the only India based corporate VC company to feature in the ranking.
About Tessolve Services
Founded by a team of seasoned professionals with experience in the Test, Test hardware Development, Package Assembly, DFT & FA. Tessolve offers professional, state-of-the-art and efficient solutions. Based out of Bangalore, Tessolve is an Independent, full-service semiconductor test engineering company providing customers access to industry leading high-end, mixed-signal testing systems and related services. Tessolve provides experienced engineering capability post silicon to support and manage all functions from DFT through Assembly & Test in the Semicon Life cycle. With its state of the art facility at Electronics City, Tessolve is equipped with the most sophisticated test systems and dedicated engineering team to assist in developing
test solutions for RF, advanced mixed-signal, memory and digital devices.