Silicon Valley-based venture capital fund IndusAge, promoted by former Intel Capital head Sriram Vishwanathan, has raised $23 million (about Rs 150 crore) from Indian family offices and a clutch of ultra high net worth individuals, according to a report in The Economic Times.
The firm has also made India debut by investing an undisclosed amount in Gurgaon-based intellectual property asset management firm Clairvolex in a Series A funding round.
Anaqua Inc, a Boston-based intellectual asset management software company, also participated in the round.
Clairvolex helps companies in filing, managing and monetising patents, and competes with global players like Thomson Reuters, CPA Global, Evalueserve and Questel. Its clients include telecommunication and technology companies in the US and Europe.
IndusAge has also received $50 million in commitments for its $200 million fund that will invest in Silicon Valley and India-based technology and intellectual property driven startups in the range of $2-5 million. The fund is serving more than 65 clients at present.
The venture firm sees huge potential in Clairvolex as it manages IP assets of large coporations in the US and Europe.
“The Indian IP industry is in its nascent stages and is worth only Rs 3,000 crore, where as it is a $120 billion opportunity globally, with a potential of $14.5 trillion,” said Pillai.
The startup will use the funds for product development and to ramp up its operations in India, US and Europe. Currently, it does not have any clients from India, but has a 400-seater back office facility in Gurgaon.