Ittiam gets $ 5 mn seed funding from Global – (Asian Age)
April 19, 2001
Asian Age, Bangalore
Ittiam gets $ 5 mn seed funding from Global
Ittiam Systems Private Limited, digital signal processing software provider has received seed funding of dollar 5 million form Global Technology Ventures. The DSP provider will develop wireless products for a US based company and several OEMs by May 2001. Ittiam will seek similar amount of venture capital from VC firms by end 2001, chairman and chief executive officer, Ittiam Systems, Srini Rajam told reporters while elaborating on the business strategy of the company on Wednesday.
“The DSP chip market is globally valued at $ 5 billion and will have a 15% growth. The DSP software and systems segment growing at 50% is worth dollar 9 billion worldwide. Ittiam will position itself to provide DSP systems for embedded applications, reference boards and customized product development for our clients,” Mr Rajam said.
Ittiam will focus on DSP-based systems in wireline, wireless, audio speech and video imaging markets. These products will be developed inhouse and licensed to customers.
“Ittiam will collaborate with strategic partners to research and develop product in focus areas. We will expand the wholly-owned subsidiary in the US to function as an R&D center and augment our business from the country,” Mr Rajam added.
The compay will expand its core team of employees to 200 by end 2002 from the existing 50 software professionals. Ittiam expects to break even by end 2002 and have an annual growth rate of 40%. Ittiam has projected revenues of dollar 40 million by 2005.