The corporate venturing units of conglomerate Reliance Industries and networking products company Cisco have invested an undisclosed amount in India-based enterprise software developer Covacsis Technologies, financial daily The Economic Times has reported.
Founded in 2009, Covacsis is developing a platform caked the Intelligent Plant Framework, which uses data analytics to manage factories more efficiently across a range of devices.
Covacsis plans to use the funds to further develop its product, and to expand its team and geographical reach, an area where Cisco, which invested from the $150m it has earmarked for venture funding, expects to help.
In addition to Cisco and Reliance subsidiary Gen-Next Ventures, the round also featured Blume Ventures, which invested $450,000 in a series A round for Covacsis in 2012 along with India Venture Partners and an undisclosed venture capital fund.