Wipro Ventures invests in Israel VC firm TLV Partners
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Rishad Premji-managed Wipro Ventures, the $100 million venture arm of Wipro, India's third largest IT firm, has invested an undisclosed sum in Israel-based TLV Partners.
Based in Tel Aviv, TLV Partners, founded last year, has a corpus of $ 115 million and has invested in three startups so far, including Aqua, a virtual container security and Oribi, a Facebook ads analytics company. The firm specialises in linking Israel based startups with those of Silicon Valley, a key attribute that helps startups connect with the markets and potentially get acquired by large firms in the Valley. The Economic Times and Mint newspapers reported the development today.
Wipro joins cross town rival Infosys in using the venture corpus in putting money in venture capital firms to discover startups that work on emerging technologies. Infosys, which has a $ 500 million venture corpus, has invested an undisclosed amount in Silicon Valley-based Vertex Ventures.
Wipro has so far invested in four US startups - Vicarious, Vectra Networks, Emailage Corp and Talena Inc and one in India. In India, the company has invested Rs 9.78 crore to pick a minority stake in Pune-based Altizon Systems, which focuses on gaining insights in internet or Things and big data technologies.
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