PRESS RELEASE FINAL – 06 JANUARY, 2010
iYogi Breathes In $15M Series C For Remote Computer Support
Now that it's got another $15 million under its belt, iYogi Inc., a provider of remote computer support services, is expanding beyond the Internet to drum up sales....
Gurgaon, India Now that it's got another $15 million under its belt, iYogi Inc., a provider of remote computer support services, is expanding beyond the Internet to drum up sales.
New investor Draper Fisher Jurvetson led the Series C round with a $9 million commitment, said Mohanjit Jolly, an executive director with Draper Fisher Jurvetson. Existing investors Canaan Partners, SAP Ventures and SVB India Capital Partners provided the remainder.
Every time the company has raised a new round it has at least tripled the previous valuation, and this round was no different, said Uday Challu, co-founder and chief executive of iYogi.
Since launching its service four years ago, iYogi has grown to over $20 million in annual revenue based entirely on selling its services direct to customers through the Internet, Challu said. The company will use the proceeds of this round to expand its sales channels.
It has already landed a number of pilots and some deals with small companies to bundle and resell its services with computer products and security software and through retailers, such as Amazon.com Inc. and Wal-Mart Stores Inc.
"Unlike most entrepreneurs who are very optimistic and say they're going to do X, Y and Z and don't," Jolly said, "what was different about Uday and team is that they met and exceeded those goals, financially and otherwise."
Providing remote IT support to businesses and individuals has gotten plenty of attention from venture investors recently. In November, Emergence Capital Partners led a $10 million Series B round for SupportSpace Ltd., and in September, Edison Venture Fund and one of its limited partners invested $14.7 million more in PlumChoice Online PC Services Inc.
Jolly will take a seat on the Gurgaon, India-based iYogi's board.
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