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04/25/2007

iYogi Secures $3.1 Million in Series A Investment

 

Canaan Partners and Silicon Valley Bank invest in iYogi to Build Next Generation of Computer Support Services from India iYogi, provider of live computer support on phone and via remote access from India for home and SOHO (Small Office Home Office). iYogi announced that the company has raised $3.1 Million in Series A financing.

Canaan Partners, a global early stage venture investor in innovative technology companies and SVB Financial Group, the parent company of SVB Silicon Valley Bank, have invested collectively in iYogi. 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. The investment will accelerate iYogi's growth and customer acquisition while enhancing its delivery infrastructure. Prior to this, Canaan led the investment in BharatMatrimony, a premiere online matrimonial service in India.

Alok Mittal, Executive director - India, Canaan Partners, said, “As computers become more central to our lives, technology and services companies are in a race to provide tools and solutions that can meet the ever growing need for support. iYogi is one of the most promising companies to emerge in this sector. The company leverages technology, skilled technicians and its offshore advantage to deliver a higher quality of service at a dramatically different price-point from its competitors. iYogi is Canaan Partners first investment in a growing trend of next generation of outsourcing services from India, wherein Companies a establish a direct customer relationship with end-consumers.”

Uday Challu, iYogi, CEO, said, “Most manufacturers have been scaling back the scope of their warranties, leaving customers distraught. This has led to the emergence of third party vendor independent support providers. It is a new service category and an opportunity to shape customer expectations. We are delighted to partner with Canaan Partners and Silicon Valley Bank. Together they bring a wealth of knowledge and experience. More importantly they share a common vision to bring to market next generation services from India, reaching millions of customers across the globe.”

Headquartered in Gurgaon (India), iYogi provides a new kind of computer support experience for home and small businesses on the phone and via remote access. iYogi offers a 24/7, comprehensive, multi-vendor computer support for every day use technologies. For a detailed list of technologies supported, please visit www.iyogi.net. iYogi delivers on higher quality and resolution benchmarks than its competitors. The company's competitive advantage lies in combining superior talent with proprietary (iMantra) technology and third party tools.

For more information, please visit: www.iyogi.net