Applied Ventures LLC, the corporate venture capital arm of Nasdaq-listed global equipment and software supplier to semiconductor makers, Applied Materials, Inc, has invested an undisclosed sum in homegrown electronics product design, software, and manufacturing firm VVDN Technologies.
Applied Materials had likely invested around $150-200 million in a mix of primary and secondary for this deal, two people aware of the development had told VCCircle at that time.
The strategic growth funding from Applied Ventures can enable VVDN to expand the research and development of next-generation semiconductor technologies as well as electronic products and solutions, the company said in a statement.
“With Applied Ventures' support, VVDN is poised to expand its design and manufacturing capabilities to serve global semiconductor and systems companies,” said Puneet Agarwal, chief executive officer, VVDN Technologies Pvt. Ltd.
VVDN Technologies, which was set up in 2007 by Agarwal, Bhupender Saharan, Vivek Bansal and Murali Jayaraman, is a product engineering and manufacturing company focussed on designing and manufacturing products across several technology verticals.
The Gurugram-headquartered company serves global customers across several regions including the US, Canada, Europe, India, Vietnam, Korea and Japan.
“The technology ecosystem in India presents an opportunity for Applied Ventures to invest in and collaborate with innovative deeptech companies,” said Omkaram Nalamasu, senior vice president and chief technology officer, Applied Materials Inc and president of Applied Ventures, LLC.
“Our investment and collaboration with VVDN align with Applied Ventures’ commitment to advancing India’s electronic product engineering and design capabilities and fostering innovation and entrepreneurship to create a thriving semiconductor ecosystem,” Nalamasu added.
