VidTeq Announces First Round VC Funding

By Team YS|15th Jun 2011
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VidTeq

VidTeq today announced that it has raised its first round of venture capital funding from KITVEN. The company was founded by Chandra Thimmannagari, Navada Muraleedhara and Ravi Narala in May 2008.VidTeq provides Video Directions based on its Patented VideoMap technology. The company provides VideoMap based web solutions to Businesses. Most of the Builders, Schools, Colleges, Hotels and Resorts are using their services. “We are extremely excited to have KITVEN on board. We plan on using these funds for expansion, enhancing our sales and marketing team and taking our Cell app to production”, said Chandra Thimmannagari, Director, Co-founder and Co-CEO at VidTeq.

“We are excited to work with VidTeq to take it to the next level. Going forward we see a huge market potential in Navigation, Location and Local Search. We believe VidTeq is in the right space to address this market. We also believe they have the right technology (VideoMap) to take advantage of this market”, said Mr. Jayakumar, CEO at KITVEN.

As part of the funding, KITVEN will join the company’s Board of Directors.

About VidTeq (I) Private Limited

Headquartered in Bangalore, VidTeq provides VideoMap based Navigation, Location and Search solutions for Businesses. The company builds VideoMaps, Digital Maps and Search database for Navigation and Locational needs. For more information, please visit www.vidteq.com.

About KITVEN

KITVEN, contributed by Karnataka State Industrial Infrastructure Development Corporation (KSIIDC), Karnataka State Financial Corporation (KSFC), Small Industries Development Bank of India (SIDBI) and Karnataka Bio-technology & Information Technology Services targets investments in IT, Biotech and Nanotech sectors. This is their fourth investment from the new fund. Their earlier investments are in Pawaa Software, Mitra Bio tech and Sloka telecom.

We have done a story on VidTeq previously. Please click here to read it.

We at YourStory.in wish the entire team of VidTeq good luck as they scale!

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