Karnataka Information Technology Venture Capital Fund-2 (KITVEN Fund), promoted by the Karnataka State Industrial Infrastructure Development Corporation, Karnataka State Finance Corporation and Small Industries Development Bank of India, has announced a funding of $0.5 million to Bangalore-based Vidteq India Private Limited.
The company founded by Chandra Thimmannagari, Navada Muraledhara and Ravi Narala provides video directions based on its patented VideoMap technology. Vidteq India provides VideoMap-based navigation, location and search solutions for businesses. This is the fourth investment by the Karnataka Information Technology Venture Capital Fund-2 , the earlier investments were in Pawaa Software, Mitra Bio tech and Sloka Telecom.