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Indix secures $4.5M in funding from Nexus Venture Partners and Avalon Ventures

Tags: Indix, Nexus Venture Partners, Avalon Ventures, funding, Chennai, Naren Gupta

April 03, 2013 | COMMENTS ( 0 )

Indix secures $4.5M in funding from Nexus Venture Partners and Avalon Ventures

The US and Chennai-based firm Indix today announced that it has secured $4.5 million in series A funding from venture capital firms, Nexus Venture Partners and Avalon Ventures. The company had previously raised $1.4 million from seed investors, including Nexus Venture Partners.

Indix works on big data, analytics, visualizations and applications that help product and services companies manage and get the most out of their product portfolio. The company is building a cloud-based product for individuals in businesses around the world and will continue to be in stealth mode until later this year, as per a release.

“Indix is working on a disruptive concept that addresses a compelling need,” said Naren Gupta, Co-Founder & MD, Nexus Venture Partners. “Indix has a brilliant team and we are very excited to work with them,” he added.

“We love that Indix is pioneering a new type of business application that is data and insight rich and visually appealing,” said Rich Levandov of Avalon Ventures.

“We have really enjoyed working with Nexus this past year,” said Sanjay Parthasarathy, CEO and Founder, Indix. “And Avalon’s connection to Seattle and MIT make them a wonderful addition to our list of investors,” he adds.

The release stated that the new funding will be used to accelerate product development and scale marketing and sales in the United States.

Indix was founded in late 2010 and started operating in late 2011.

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