Matrix Partners overrides China to direct funds to India

BANGALORE: Matrix Partners, the US-based venture capital firm, prefers India over China to do some major investments. The firm, which focuses on early stage technology startups, has opened an office in Bangalore to augment its investment plans in product based technology companies in India.

"We are looking at both India and China, but the major chunk of funding would go to India," Matrix Partners general manager Tim Barrows told

Matrix partners had collected around $500 million during their 7th round of funding in 2002; of which only 40 per cent had been utlised. According to company sources, Matrix is looking out for companies/partners who require around $3 million to 10 million. Apart from a controlling stake, the company also wants a person from their end on the board of the company they fund. A second round of funding will be done if required and Matrix generally stays on in the company they've invested in and profit from this.

"We see India as a very exciting growth opportunity and hope to nurture the entrepreneurial spirit here. Many of Matrix Partners portfolio companies have either a presence in India for their R&D and/or has Indian Founders. We perhaps have had more success backing in Indian led companies than any other VC firm in the USA and have been fortunate to be in the business with a number of terrific Indian entrepreneurs," explains Barrows.

Matrix partners has lead investments in reputed firms including OpenWave, Veritas, Tivoli Systems, Alteon Web systems, SANDisk, Apollo Computer, Cascade Communications, Sonus Networks and Sycamore Networks. Five of the Matrix Partners were named in the Forbes Midas list.

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