Sanovi plans to raise $26 m

The company, during its first round of funding, raised $3 million and with this second round, the group of external investors is estimated to hold close to 45 per cent in the company. Sanovi is a 60-people company with its entire R&D unit in Bangalore with 55 professionals.

Said Srinivas Pothapragada, co-founder & CEO, Sanovi: "We should be raising the money by October of this year. We have a commitment from our existing investors for $26 million and we are working on the finer details of this second round of investment."

He added that Sanovi will invest close to $10 million over the next three years to ramp up its R&D unit in Bangalore and which will see the developer strength moving to 100 by the end of the year. The company plans to break-even during the current year.

Commenting on the space Sanovi operates, he said: "Enterprises spend millions of dollars deploying disaster recovery solutions, but are not guaranteed that their solutions will work during outages or disasters. Our solutions make sure these solutions deliver."

Talking on the importance of the solutions, Srinivas said that according to Gartner, two out of every five enterprises which experience a disaster go out of business within five years.

"This is significant given the current day business demands. As enterprises embrace integrated technology solutions, any outage can possibly bring the complete business process to a grinding halt. Hence it becomes imperative to have an appropriate business continuity and disaster recovery plan to take care of such exigencies," he added.

Sanovi, in addition to ramping up its R&D team, is also expanding its Indian sales and support operations across India.

"There is a distinct possibility that we can serve global customers based out of India and we are doing just that," he noted.