Chingari Secures $23 Million in Series A Round, Led by Azure Capital Partners; Azure Capital Partners, InterWest Partners and Charter Venture Capital Invest.Business Editors, High-Tech Editors PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--Jan. 4, 2001 Chingari(TM) Inc., the leading web-based solution for new product innovation, announced today that it has raised approximately $23 million in Series A financing from three premier Silicon Valley-based investment firms. Azure azure /az·ure/ (azh´er) one of three metachromatic basic dyes (A, B, and C). az·ure n. Any of various dyes used in biological stains, especially for blood and nuclear staining. Capital Partners led the round, which included InterWest Partners and Charter Venture Capital. "With this investment in Chingari, Azure Capital Partners continues its practice of investing in companies with the experience and the technology in place to achieve rapid market growth and sustainable leadership," said Cameron Lester, a managing partner at Azure Capital Partners. "Chingari is poised to take the software market into the next generation by offering a comprehensive web-based enterprise application that will enable corporate customers to bring more products to market faster." "Chingari's collaborative framework and marketing application suite represent a breakthrough in the ability of consumer product and service companies to organize, manage, and accelerate their product innovation processes," commented Alan Crites, general partner at InterWest Partners. "The Company's combination of deep consumer marketing knowledge and enterprise software experience has enabled it to define and deliver a uniquely valuable solution set." "We are excited to have been able to attract such an impressive group of investors and look forward to their advice and consultation," commented Anurag Wadehra, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and co-founder of Chingari. "Their extensive experience in the software industry and established contacts will be of enormous value to Chingari as we proceed with our initial product launch this year and work towards building a premier enterprise applications company." "We are especially pleased that our new investors recognize our momentum of having acquired several Fortune 100 companies as paying customers," said Arvind Sharma, President and co-founder of Chingari. "With the support and encouragement of our new investors and Chingari's world-class team of employees, we are well positioned to expand our customer base and continue developing our products and infrastructure." About Chingari, Inc. Chingari was founded in early 2000 by two former i2 Technologies executives, Anurag Wadehra and Arvind Sharma. With a mission of providing an enterprise application to enable businesses to conceive conceive /con·ceive/ (kon-sev´) 1. to become pregnant. 2. take in, grasp, or form in the mind. con·ceive v. 1. To become pregnant. 2. , develop and launch breakthrough products and services quicker, more efficiently and with greater success rates, Chingari has developed the leading web-based solution for new product innovation. The Chingari solution is designed to improve and accelerate the entire product development and commercialization process. By providing a collaborative environment and business decision support tools, Chingari enables internal stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. and external business partners to work faster and smarter while increasing the return on innovation dollars. For more information, visit www.chingari.com. About Azure Capital Partners Azure Capital Partners is a leading venture capital firm, founded in April 2000, with a focus on infrastructure technologies. Azure's philosophy of investing is a platform approach of supporting and accelerating companies throughout their lifecycle of growth, ranging from early seed stage through maturity in the public markets. Azure has invested in over 15 companies since its inception." About InterWest Partners InterWest Partners, founded in 1979, is one of the Silicon Valley's most successful venture capital partnerships, with $1.6B of capital under management. With nine seasoned partners, InterWest has a combination of venture capital experience and industry experience, which provides the firm with unique insight when evaluating investment opportunities. InterWest seeks to invest in tomorrow's leading companies in the software, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , and medical technologies industries. Examples of the firm's previous investments include ArthroCare Corporation, Chorum Technologies, CIENA Corporation Ciena Corporation NASDAQ: CIEN develops and markets communications network platforms and software, and offers professional services. The Company's broadband access, data and optical networking platforms, software tools, and global network services support worldwide telecom , Copper Mountain Networks, Inc., Corixa, Cor Therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. , Coulter Pharmaceutical, Inc., Cyrix, Stratacom (subsequently acquired by Cisco), Lightera Networks (subsequently acquired by Ciena), Participate.com, Scheduling.com, Silicon Graphics, SiTera, TheraSense and Xilinx, Inc. InterWest Partners has offices in Menlo Park, California Menlo Park is a city in San Mateo County, California in the United States of America. It is located at latitude 37°29' North, longitude 122°9' East. Menlo Park had 30,785 inhabitants as of the 2000 U.S. Census. and Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. . About Charter Venture Capital Charter Venture Capital invests in technology-based companies at the seed and early stages of development in the areas of information technology and life sciences. Since its founding in 1982, Charter Venture Capital has invested in over 100 companies, including Interwoven in·ter·weave v. in·ter·wove , in·ter·wo·ven , inter·weav·ing, inter·weaves v.tr. 1. To weave together. 2. To blend together; intermix. v.intr. , eGain, Resonate res·o·nate v. res·o·nat·ed, res·o·nat·ing, res·o·nates v.intr. 1. To exhibit or produce resonance or resonant effects. 2. , GetThere and Guru.com. |
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