Israel's First Venture Capital Fund Invests in Technology Developed at Georgia Tech
Asankya, a company that is commercializing innovative network technology developed at the Georgia Institute of Technology, recently closed a financing led by Veritas Venture Partners, the oldest venture capital firm in Israel. Joining Veritas in the investment were the Seraph Group, an Atlanta-based venture fund, and Atlanta angel investor, Steve W. Chaddick, a Georgia Tech alumnus and co-founder of CIENA.
�We are delighted to have funds like Veritas, which is based in Israel, one of the most substantial new technology regions in the world, making investments in start-ups created in Georgia. This is another indication of the strength of our state�s research institutions and provides further momentum for Georgia�s growing reputation as a high-tech region,� said Georgia Governor Sonny Perdue, who made the announcement during his Technology & Trade Mission to Israel.
Asankya�s patent-pending technology was created through research led by Dr. Raghupathy Sivakumar, founder and CTO of Asankya, who is also an Associate Professor at Georgia Tech. The award-winning research was originally funded by grants from the National Science Foundation (NSF) and the Georgia Research Alliance (GRA) with the specific goal of �finding breakthroughs in TCP/IP technology.�
Asankya�s technology allows network devices to concurrently
use multiple paths in a wide-area network (WAN), which enables
a new area of networking known as �grid networking.�
Grid networking does for networks what grid computing does for computers. At the finest granularity, grid networking is able to dynamically monitor and use network paths � even if they are available only for a split second. Asankya�s Grid Networking System (GNS) products are installed in the customer network and operate independently of the applications that are improved. Once a network is �grid enabled,� applications run faster and more reliably across WANs.
�Asankya has the only solution that improves real-time applications such as Voice over IP (VoIP), IP television (IPTV), video over IP, SSL transactions and games� said Scott Ryan, CEO of Asankya, �End-users will only notice better and more consistent application performance while CIOs will notice fewer help desk calls and fewer networkrelated service issues.�
�Asankya is a great example of how Georgia is fostering truly breakthrough technology � invented by Georgia Tech faculty, funded by Georgia grants, commercialized by Georgia Tech�s VentureLab, and incubated by the Advanced Technology Development Center (ATDC). And now, it has attracted money and expertise from Israel to help grow the business,� said Laurence Olivier, Atlanta-based partner of Veritas Venture Partners.
About Veritas Venture Partners
Veritas Venture Partners (www.veritasvc.com) is Israel's most experienced venture capital firm. Veritas invests primarily in technology-based companies at the seed and very early stages of their lives. Veritas' primary areas of focus are enterprise software, network communications and healthcare.
About Seraph Group
Seraph Group is developing a national network of "private investment" groups for high-net worth individuals, financial/wealth advisors, investment advisors, fund managers and representatives of financial institutions. Seraph Group, named after the highest order of angels, provides quality deal flow, institutional grade research, professional due diligence, ongoing portfolio management and co-investment capital.