Exclusive: Rajasthan, Hyderabad Angels bet on IT startup BLACKbox

BLACKbox, an IT firm run by Gujarat-based Synersoft Technologies Pvt Ltd, has raised an undisclosed amount of growth funding from Rajasthan Angel Investor Network (RAIN) and Hyderabad Angels (HA), Vishal Shah, founder of the company, told DEALSTREETASIA.

He declined to disclose the deal amount and name of the investors who led the round.

The company, which was founded in 2008 by Vishal Shah, is planning to use the fresh funding for R&D and geographical expansion for its hardware and Cloud B2B enterprise innovation BLACKbox to Indian SMEs by expanding its operations in the country.

Shah, who has almost two decades of experience in IT, was the CEO of New Horizons, a software developer for stock/commodity broking firms, depository participants and forex portals, before founding the venture.

He holds a post graduate diploma in business administration, marketing and finance from ICFAI Business School.

“Synersoft-team, which has done lots of R&D, is seeing huge traction without marketing, and has a unique concept,” said Mahavir Pratap Sharma, chairman, RAIN.

BLACKbox is designed to serve as a chief information officer in a small business with a server, firewall, ERP (enterprise resource planning) and support services. This technology is targeted at small and medium enterprises who have less than 100 computers.

“Around Rs 15,000 crore is being invested by SMEs on IT infrastructure every year,” said Shah, adding that the company is competing with system integrators who provide similar functionality as BLACKbox to SMEs.

In 2013, Synersoft Technologies received angel funding round from IIM Ahmedabad’s technology business incubator Centre for Innovation Incubation and Entrepreneurship (CIIE).

The company now plans to develop more relevant products to optimise customer acquisition cost, accelerate geographical expansion and branding to develop channel partnership with system integrators.

RAIN, an angel network that invests in early-stage ventures, has invested in around 9-10 startups and is now looking to back startups abroad. Some of its past investments include online media company Blue Box Media Pvt Ltd, fashion retail platform Yufta, organic products marketplace Organic Shop and children’s entertainment portal Imaginry.

Hyderabad Angels invests between up to $1 million in promising Indian startups and early stage companies. Besides BLACKbox, it has invested in Betaout Inc, a customer intelligence and marketing automation platform for eCommerce companies; SparesHub, an online marketplace for car spares among other startups.

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