Persistent Systems, a software product development services company, has launched a $10 Mn venture capital fund. The newly launched fund will invest in early stage startups, with an eye on evolving technology.
The typical time frame till which fund will stay invested is three-five years. It has already invested in five tech startups from within the country as well as outside.
Speaking on the development, Mritunjay Singh, Executive Director and COO at Persistent Systems said, “The company is targeting to invest in up to 40 startups through the fund and has already invested in five startups from within the country as well as outside. We are doing idea investing and not investing in a business model. The fund will act more like an angel fund.”
Established in 1990, Persistent Systems is a technology company specializing in software product development services. It helps customers increase revenue and margins and enhance brand value. It has delivered over 3,000 software product releases in their last five years with over 300 clients. Persistent is an investor in wearable tech startup Hyginex and had also acquired Hoopz last year.
Of late, many IT companies have increased their engagements with the fledgling startup world. While IT bellwether Infosys has created a $500-million innovation fund, its larger rival TCS has tied up with an accelerator called Startupbootcamp to have pitch days in the financial capital and Bangalore.
Persistent Systems was founded by Anand Deshpande. He has done his bachelors in Computer Science from the prestigious IIT, Kharagpur, in 1984. Subsequently, he completed his doctorate in Computer Science from Indiana University, California before working for Hewlett Packard in Palo Alto.