Nivio, a Switzerland-based company providing a Microsoft program-focused subscription service, secured $21m in series A financing last Thursday from India-based conglomerate Videocon and private equity firm AEC Partners.
Nivio operates a cloud-based service that grants monthly subscribers access to a range of desktop software for Windows, Mac, Android and iOS – and the entire desktop is available for download on any HTML5 browser. Additionally, files can be synchronised across multiple devices using Nivio’s cloud-based storage system.
The capital will be used to accelerate engineering in Nivio’s Silicon Valley office, and to roll out its service in additional regions such as Europe, the Middle East, India and Australia.
Venugopal Dhoot, chairman of Videocon, said: "We are very excited about this space…there is a sea-change happening in this industry, and across the board between consumer electronics and computing, and Nivio saw this vision well before the Cloud was even called the Cloud. We are excited about the future opportunities for globalisation it presents to Videocon and the strategic benefit to our existing products and services."
In addition to Nivio receiving capital, the company disclosed that the round saw exits from some of its angel investors representing a 7x return, though said investors were unnamed.