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Reliance Venture Asset Management Ltd

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Reliance Venture Asset Management Leads Series-C Round of Funding in Tessolve Services

Reliance Venture Asset Management, India’s first and largest corporate venture capital firm and an arm of the Reliance ADA Group, today announced that it has successfully led and completed the Series C round of venture funding in Tessolve Services, a leading independent full-service semiconductor test and product engineering company.

Mumbai, India, April 09, 2010 --( The announcement comes close on the heels of the company’s recent investment in Reverse Logistics and reflects the broadening of its investment canvas to partner with companies that are pioneers in their spaces with innovative business models.

Founded in Bangalore in 2004, Tessolve Services is India’s first independent full-service semiconductor test and product engineering company with an employee size of over 400. Since its inception the company has grown exponentially in its domain and counts some of the world’s largest semiconductor companies as its clients. The association with Reliance Venture Asset Management and the latest round of funding is aimed at taking the company into its next phase of expansion with a focus on both organic and strategic inorganic growth.

Speaking on the investment, Harshal J. Shah, CEO, Reliance Venture Asset Management said, “At Reliance Venture Asset Management, we drive ourselves to remain on the cutting edge of upcoming business models. Being opportunistic investors, we’re also stage agnostic in our approach and our investment in Tessolve is a testament to these investment philosophies. Tessolve’s strong engineering capabilities and its value proposition to customers has made it an industry pace-setter and we are proud to be their partners in success.”

P. Raja Manickam, Founder, Tessolve Services said, “Since inception Tessolve has received tremendous support from the VC ecosystem at critical junctures during our growth. We are glad to have the support of Reliance Venture Asset Management as we embark on a new growth trajectory with an aim to scale up operations and expand capabilities in India.”

Tessolve provides experienced engineering capability to support and manage all functions from Design for testability (DFT) through package design, test development, charaterization and optimized production to lower cost throughout the life of the product. As semiconductor product companies have to increase the number of new products to maintain or grow, they can take advantage of the scalability, cost and engineering expertise of Tessolve. With its state of the art facility at Bangalore, Tessolve is equipped with the most sophisticated test systems and dedicated engineering team to assist in developing test solutions for RF, advanced mixed-signal, memory and digital devices.

While Reliance Venture Asset Management will lead this round of investment, the other co-investors for the deal include Tessolve’s existing investors; JAFCO Asia, Qualcomm Ventures and Applied Ventures.

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Reliance Venture Asset Management Ltd.
Raksha Singh

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