Mumbai: Exfinity Technology Fund on Monday said it has invested $1.5 million in RiverSilica Technologies, a Bengaluru-based start-up.
“RiverSilica’s product line PIXFIX uses innovative mathematical algorithms to deliver industry standard videos. PIXFIX supports live video and on demand video for people to watch anywhere-anyplace through the Internet video chain. This India built product, we believe will democratize video watching, by providing any place viewing infrastructure,” said Balakrishnan V., chairman of Exfinity Venture Partners Llp, the investment manager of Exfinity Technology Fund.
“This round of funding from Exfinity will ensure that we at RiverSilica will be powered on our growth trajectory for our product and associated platform-driven services,” said Jagannathan Balaji, founder and president of RiverSilica Technologies. “It will help us reach (the) global market with our PIXFIX product line.”
On 9 August, Exfinity Technology Fund announced that the fund had been fully subscribed for Rs.125 crore in the open market. At that time, Balakrishnan had announced that the fund was in advanced stage of talks with four start-ups. RiverSilica is the first of these four investments by the fund.
“Consumption of video content is rising in India with the proliferation of smartphones. Bandwidth and connectivity related issues make video viewing a not-so pleasant experience. In this context, RiverSilica’s product is positioned well to take advantage of these mega trends,” said Shailesh Ghorpade, managing partner, Exfinity Venture Partners.