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Company : Business Wire 
Friday, June 14, 2002 12:15PM IST (6:45AM GMT)
 
(BW)(MA-MISHRA)
Indian-American Companies Receive $1.7 Billion in Venture Capital, Raking in about 4.5 Percent of Total VC Funding in the U.S.
Mass., Waltham, United States

Despite the lagging economy, Indus-American companies raised about $1.7 billion in venture capital in 2001, significantly increasing their share of the total U.S. venture capital market to 4.5 percent, according to the second annual survey of Indus-owned venture recipients published by the IndUS Business Journal.

"The $1.7 billion figure is almost certainly a conservative estimate, because not all companies disclosed the amount of funding they received," said Upendra Mishra, publisher of IndUS Business
Journal and Managing Partner of The Mishra Group, Inc. "But it's very encouraging to see that despite the unfavorable economic conditions of the past year, Indus-owned companies generated venture funding at an impressive rate."

Jay Fitzgerald, Editor of IndUS Business Journal, added: "When you consider that many of these companies are run by first-generation South Asian immigrants, it is truly phenomenal that they are able to raise nearly one in every 20 dollars in venture funding. That figure is not just a testament to this country's merit-based economic system; it's a testament to the entrepreneurial spirit of the Indian people."

Despite the slump in the nation's economy, Indus-owned companies actually increased their share of the total venture funding in the United States in 2001 to 4.5 percent, up from 2.5 percent in a similar survey taken last year by IndUS Business Journal.

IndUS Business Journal, the nation's only monthly newspaper dedicated to the South Asian business community in the United States, published a list of the top Indus venture capital recipients in its June 2002 issue.

Following the national pattern of overall venture capital raised, Indus-owned companies in California's Silicon Valley accounted for four of the top 10 spots on the list and 27 of the 60 spots overall, totaling $735 million in funding raised. Massachusetts ranked second behind California, totaling 19 companies and $485.5 million raised.

Other states that did well on the list include: Texas (four companies, $205 million raised); New Jersey (four companies, $107.8 million raised); and Pennsylvania (one company, $60 million raised).

The rankings are based on total funds raised in 2001. Topping the list of companies that received VC funding is Allen, Texas-based Xtera Communications, an optical networking company that raised $110 million. The list includes companies in the high-tech, telecommunications, pharmaceutical, financial, and other industries.

INDUS BUSINESS JOURNAL

(www.IndusBusinessJournal.com), the nation's only newspaper dedicated to the South Asian business community in the United States, is published by The Mishra Group, Inc. Headquartered in Waltham, Mass., The Mishra Group, a diversified media, advertising and marketing communications firm, also publishes INDIA New England News (www.IndiaNewEngland.com).

 
 
 
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