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December 10, 2007

Deal Alert: IDG Ventures invests $2.5 million in security product co. iViZ,

Edited extracts from IDG Ventures's press release:

IDG Ventures India, a $150 Million early-stage technology venture capital fund, has announced its investment of $2.5 million in iViZ, a network security startup in the Security and Vulnerability Management market. Kolkata-based iViZ has come up with the world’s first "Automated and On Demand Penetration Testing product".

"It is our privilege to support iViZ founded by Mr. Bikash Barai and Mr. Nilanjan De. This investment is based on our thrust of investing in disruptive software product firms out of India with a potential to scale globally,” said Mr. Sudhir Sethi, Chairman and Managing Director, IDG Ventures India.

iViZ plans to utilize the investment to build its sales team in North America, Europe, Middle East/APAC and India and to significantly enhance its product development initiatives.

“Our vision is to be a global leader in the Security and Vulnerability Management market with Automated Penetration Testing and Security Risk Management as our first offering. We partnered IDG Ventures for the global IDG Platform and the strategic help that iViZ will derive in realizing its vision from the presence of investor nominees Mr. Sudhir Sethi and Mr. Hemir Doshi on the Board” said Mr. Bikash Barai, co-founder and CEO of iViZ.

“We have used Artificial Intelligence techniques and simulation of next generation hacking techniques to build the product” said Mr. Nilanjan De, the co-founder and CTO of iViZ, “Unlike current Penetration Testing process which is manual and non comprehensive our product can detect vulnerabilities and also its corresponding remedies in a completely automated way”.