Computer software startup iSos Inc. has raised $5 million (Rs 32 crore) from Portland, US-based entrepreneur Nitin Khanna, according to a press statement.
iSos, based in Mohali, Punjab and California, provides integrated smart office solutions. It has created software to facilitate communication, cashless transactions, record attendance, monitor individual Internet usage and manage inventory, among other purposes.
According to the statement, its software can be deployed in educational campuses, government hospitals and offices to keep track of the staff and material.
The startup was founded by Anil Rana, Gourav Arora, Meenakshi Sharma and Paras Guglani in September 2016.
The founders and Khanna couldn’t be contacted for details of the transaction till the time of filing this article.
Khanna was a co-founder of US-based Saber Corp, which was sold to EDS in 2007. He is now the CEO of Portland-based tech-focused investment banking firm MergerTech.
“With productivity being the key for most companies, iSos serves an essential need and we see growth in this segment,†he said in the statement.
Enterprise software companies founded by Indians in the US are scaling new heights with billion-dollar initial public offerings (IPOs) and acquisitions, creating significant value for shareholders and investors.
In January, US-based networking giant Cisco acquired AppDynamics—a nine-year-old enterprise software firm founded by IIT graduate Jyoti Bansal—for $3.7 billion, just ahead of its IPO.
Cloud-based enterprise software firm Icertis Inc raised $25 million in a Series C funding round led by B Capital Group in March.