AAA Reliance and Cisco help Covacsis produce the goods

Reliance and Cisco help Covacsis produce the goods

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.

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