Ncubate Capital Partners (Ncubate), an early stage venture capital fund founded by Founder and Chairman of Luminous Power Technologies, Rakesh Malhotra, has closed its debut transaction by picking up a significant minority stake in Pune-based Nevis Networks (India) Pvt. Ltd. (Nevis), an emerging network security provider. The funds raised from Ncubate will be used to finance product development and operations expansion across the globe.
Nevis is a company in the LAN and network security domain. Nevis designs, develops and markets innovative high-performance security switching and appliance solutions. It has customers across the globe including India, USA, Canada, UK and China from different verticals such as education, BFSI, IT/ITES, defence, govt-PSU and energy. It is uniquely positioned in the Indian market as a vendor with indigenous hardware and software offerings.
“The funding will help Nevis build a next generation product and expand the presence in existing markets and opportunistically enter newer markets. Nevis has a well established presence in the network security market in India with its indigenous NAC product. I am very pleased with this partnership and looking forward to taking the business forward,” said Radha Shelat, CEO of Nevis.
“We were very impressed by the Management team at Nevis. They have an opportunity to build a global company providing state-of-the-art security solutions.” said Rakesh Malhotra, Founder & Managing Partner, Ncubate. He added, “Ncubate is looking at companies with strong management teams at early stages of growth.”
Cashing on the growth in mobile devices, growing number of laptops and mobile users in the enterprise network and the need for greater focus on network security, Nevis is working on the next generation products and other solutions and strategies for expanding its offerings for networks security for the enterprise market. In general, there is a changing trend in increasing acceptance and deployment of network security solutions within enterprise data centers. There have been a number of market drivers that are forcing organizations to focus on the internal & data center (private cloud) security.