Venture capital firm Stellaris Venture Partners is targeting $100m for its first fund and has attracted Cisco, SAP and Infosys as limited partners.
Networking equipment maker Cisco, enterprise software producer SAP and IT services firm Infosys have backed India-based venture capital firm Stellaris Venture Partners first fund, Times of India reported on Monday.
Stellaris raised an initial $50m for the fund in early 2017 and is targeting a $100m final close. It is focusing on consumer and business-orientated startups from sectors including cloud computing, the internet of things, machine learning, enterprise applications and analytics.
The firm’s portfolio already contains customer and employee support developer Whatfix and business-to-business e-commerce platform Wydr.
The fund has also attracted capital from the state-backed Small Industries Development Bank of India, as well as undisclosed additional family offices and individual investors.
Cisco reportedly made a $10m contribution through its corporate venturing arm, Cisco Investments. Infosys provided $4.6m for the fund from its $500m Innovation Fund in November 2016.
