Venture capital fund Ncubate Capital Partners has picked up minority stake in Nevis Networks, a Pune-based network security provider for an undisclosed amount.
Ncubate Capital Partners, an early stage venture capital fund founded by Founder and Chairman of Luminous Power Technologies, Rakesh Malhotra, has picked up a "significant minority stake" in Pune-based Nevis Networks, a company statement said.
The funds raised from Ncubate will be used to finance product development and expansion across the globe.
"The funding will help Nevis build a next generation product and expand the presence in existing markets and opportunistically enter newer markets," Nevis CEO Radha Shelat said.
Growth in mobile devices, growing number of laptops and mobile users in the enterprise network and stringent compliance needs have necessitated greater focus on network security.
"Nevis has an opportunity to build a global company providing state-of-the-art security solutions," Ncubate Founder and Managing Partner Rakesh Malhotra said, adding that "Ncubate is looking at companies with strong management teams at early stages of growth."
Nevis is working on the next generation products and other solutions and strategies for expanding its offerings for networks security for the enterprise market, the statement added.