Geodesic Techniques, a player in steel-based construction, received an investment of about $11 million (Rs 45 crores) from Mayfield & SVB in return for a minority stake. Mayfield led the round. The funds will be utilized for setting up a steel fabrication unit in Bidar and for other working capital requirements. Geodesic provides design & build player specialised in steel based construction and signature structures. The company has corporate customers and end-users such as Infosys, TCS, L&T, GVK & GMR. It is currently in the midst of an aggressive expansion plan and the fund infusion is expected to help meet its growth objectives. Srinidhi Anantharaman, Managing Director, Geodesic Techniques, said, "The investment will help us backward integrate, thereby making us the only end to end player in our business segment. This funding round will also help us commercialise innovative design solutions which are under development. With this investment, we are well positioned to grow and retain our leadership position in this rapidly expanding field." Mayfield, one of the leading global VC funds, has been a very active investor in India. This marks their sixth investment in India, following investments in Tejas Networks, Satya Paul, Bharat Matrimony, Servomax and Paymate. Vikram Godse, Managing Director, Mayfield Advisors, who will be joining the Board of Geodesic, said, "The company has a unique proposition with its strength in design coupled with its capabilities in structural steel construction. With a strong track record, a robust order book and a significantly experienced management team, we believe that the company has the right ingredients in place to leverage the huge potential in steel-intensive construction for urban infrastructure."
