Sanovi Technologies secures additional $6.1mn funding

Sanovi Technologies, a business continuity and disaster recovery solutions company, has secured a $6.1 million funding led by Advanced Technology Ventures (ATV).

This is the second round of funding Sanovi is getting after BayFleet LLC invested an undisclosed sum during the first round.

The company plans to use its proceeds to expand its operations in North America and India and also to increase its R&D spend.

Headquartered in Woburn (USA), Sanovi has a 60-member R&D team located in Bangalore and the US. The company has support and service teams in New Delhi and Mumbai.

"ATV's investment in Sanovi proves our capability and delivery skills," said Srinivas Pothapragada, CEO of Sanovi Technologies.

He said continuity management was a $5.3-billion market and Sanovi had the first mover advantage in offering a software product that assures continuity.

"Our Global 2000 customers are giving us very positive feedback on the product," he added.

Sanovi's customers include L&T, Yes Bank, HDFC, IDBI, Bank of Baroda and Corporation Bank.