Canaan Partners Leads $3 M Investment in iYogi
MENLO PARK, California--Canaan Partners, a major international venture capital firm, today announced that it has made a joint investment of $3.1M with SVB Financial Group to fund iYogi, a computer support startup company based in India. iYogi provides live computer support on the phone and via remote access for home and small businesses. The investment will be used to expand iYogi's service offerings, sales and marketing programs, and to enhance delivery operations in India. Alok Mittal, Canaan's Executive Director - India, was named to the iYogi board of directors.
This latest investment in iYogi further highlights Canaan's ongoing commitment to early-stage technology deals in India. Canaan previously invested in BharatMatrimony, the largest online matrimonial service in India. This is the first joint investment between Canaan and SVB Financial Group.
Commenting on the investment, Deepak Kamra, General Partner at Canaan Partners in Menlo Park, said, "iYogi's service offering is highly efficient and economical in that it provides very skilled technicians to help diagnose and resolve computer problems that occur across a wide range of different manufacturers' components and platforms. The company has great traction and we're confident that this investment will allow iYogi to continue growing and expanding its customer base."
"iYogi combines its proprietary technology with skilled technicians based in India to deliver a high quality, personalized service at an incredibly competitive price point. Our customer approval rating and resolution percentages are amongst the highest published benchmarks in the industry," commented iYogi President Vishal Dhar. "Canaan Partners and SVB Financial Group are both ideal partners for iYogi," he added.
About iYogi
Headquartered in Gurgaon (India), iYogi provides computer support via phone and remote access for home and small business users globally. iYogi offers a 24/7, comprehensive, multi-vendor computer support for every day use technologies. iYogi is competitively priced, with a single incident for $9.99 and an annual, unlimited incidents, subscription for $99.99. iYogi was created by a highly experienced team in India that is passionate about raising the bar on service quality. Our customer approval rate of 93% and resolution rate of 84% are amongst the highest published benchmarks in the computer support industry. For more information about iYogi, please visit www.iyogi.net.
About SVB Financial Group
For more than 20 years, SVB Financial Group, the parent company of SVB Silicon Valley Bank, has been dedicated to helping entrepreneurs succeed. SVB Financial Group is a financial holding company that serves emerging growth and mature companies in the technology, life science, private equity and premium wine industries. Offering diversified financial services through SVB Silicon Valley Bank, SVB Alliant, SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services, SVB Financial Group provides clients with commercial, investment, international and private banking services. The company also offers funds management, broker-dealer transactions, asset management and a full range of services for private equity companies, as well as the added value of its knowledge and networks worldwide. Headquartered in Santa Clara, Calif., SVB Financial Group operates through 27 offices in the U.S. and three internationally. More information on the company can be found at www.svb.com.
Disclaimer: SVB Silicon Valley Bank refers to Silicon Valley Bank, the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB Private Client Services is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve. Broker-dealer transactions are offered through SVB Alliant and SVB Securities. Asset management is offered through SVB Asset Management. SVB Asset Management, a registered investment advisor, and SVB Securities, a member of NASD and SIPC are non-bank affiliates of Silicon Valley Bank and members of SVB Financial Group. SVB Alliant is a wholly owned broker-dealer subsidiary of SVB Financial Group, and member NASD, SIPC. Products offered by SVB Asset Management, SVB Securities and SVB Alliant are not FDIC insured, are not deposits or other obligations of Silicon Valley Bank, and may lose value.
About Canaan Partners
Canaan Partners is a global venture capital firm specializing in early-stage information technology and life sciences companies. Founded in 1987, Canaan Partners has $2.4 billion capital under management and has invested in more than 240 companies, completed 63 mergers and acquisitions, and brought over 50 companies public. The firm catalyzes the development of innovative mobile, Internet, CleanTech, networking, semiconductor, enterprise software and services, biotechnology and medical technologies to build next-generation market leaders. Canaan was an early investor in Acme Packet (APKT), Aperto Networks, BharatMatrimony.com, Blurb, DoubleClick (DCLK), ID Analytics, Match.com and SuccessFactors, along with dozens of other market-leading companies. Canaan is headquartered in Menlo Park, California and also has offices in Connecticut, India and Israel. For more information visit: www.canaan.com.
Contacts
New Venture Communications
Richard L. Tso, 650-343-2735
rtso@newventurecom.com
or
Canaan Partners
Gina Vakili, 650-854-8092
gvakili@canaan.com
This latest investment in iYogi further highlights Canaan's ongoing commitment to early-stage technology deals in India. Canaan previously invested in BharatMatrimony, the largest online matrimonial service in India. This is the first joint investment between Canaan and SVB Financial Group.
Commenting on the investment, Deepak Kamra, General Partner at Canaan Partners in Menlo Park, said, "iYogi's service offering is highly efficient and economical in that it provides very skilled technicians to help diagnose and resolve computer problems that occur across a wide range of different manufacturers' components and platforms. The company has great traction and we're confident that this investment will allow iYogi to continue growing and expanding its customer base."
"iYogi combines its proprietary technology with skilled technicians based in India to deliver a high quality, personalized service at an incredibly competitive price point. Our customer approval rating and resolution percentages are amongst the highest published benchmarks in the industry," commented iYogi President Vishal Dhar. "Canaan Partners and SVB Financial Group are both ideal partners for iYogi," he added.
About iYogi
Headquartered in Gurgaon (India), iYogi provides computer support via phone and remote access for home and small business users globally. iYogi offers a 24/7, comprehensive, multi-vendor computer support for every day use technologies. iYogi is competitively priced, with a single incident for $9.99 and an annual, unlimited incidents, subscription for $99.99. iYogi was created by a highly experienced team in India that is passionate about raising the bar on service quality. Our customer approval rate of 93% and resolution rate of 84% are amongst the highest published benchmarks in the computer support industry. For more information about iYogi, please visit www.iyogi.net.
About SVB Financial Group
For more than 20 years, SVB Financial Group, the parent company of SVB Silicon Valley Bank, has been dedicated to helping entrepreneurs succeed. SVB Financial Group is a financial holding company that serves emerging growth and mature companies in the technology, life science, private equity and premium wine industries. Offering diversified financial services through SVB Silicon Valley Bank, SVB Alliant, SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services, SVB Financial Group provides clients with commercial, investment, international and private banking services. The company also offers funds management, broker-dealer transactions, asset management and a full range of services for private equity companies, as well as the added value of its knowledge and networks worldwide. Headquartered in Santa Clara, Calif., SVB Financial Group operates through 27 offices in the U.S. and three internationally. More information on the company can be found at www.svb.com.
Disclaimer: SVB Silicon Valley Bank refers to Silicon Valley Bank, the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB Private Client Services is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve. Broker-dealer transactions are offered through SVB Alliant and SVB Securities. Asset management is offered through SVB Asset Management. SVB Asset Management, a registered investment advisor, and SVB Securities, a member of NASD and SIPC are non-bank affiliates of Silicon Valley Bank and members of SVB Financial Group. SVB Alliant is a wholly owned broker-dealer subsidiary of SVB Financial Group, and member NASD, SIPC. Products offered by SVB Asset Management, SVB Securities and SVB Alliant are not FDIC insured, are not deposits or other obligations of Silicon Valley Bank, and may lose value.
About Canaan Partners
Canaan Partners is a global venture capital firm specializing in early-stage information technology and life sciences companies. Founded in 1987, Canaan Partners has $2.4 billion capital under management and has invested in more than 240 companies, completed 63 mergers and acquisitions, and brought over 50 companies public. The firm catalyzes the development of innovative mobile, Internet, CleanTech, networking, semiconductor, enterprise software and services, biotechnology and medical technologies to build next-generation market leaders. Canaan was an early investor in Acme Packet (APKT), Aperto Networks, BharatMatrimony.com, Blurb, DoubleClick (DCLK), ID Analytics, Match.com and SuccessFactors, along with dozens of other market-leading companies. Canaan is headquartered in Menlo Park, California and also has offices in Connecticut, India and Israel. For more information visit: www.canaan.com.
Contacts
New Venture Communications
Richard L. Tso, 650-343-2735
rtso@newventurecom.com
or
Canaan Partners
Gina Vakili, 650-854-8092
gvakili@canaan.com
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