Indian Angel Network, India's most nimble angel group, with over 200 highly influential members, comprising India's most successful entrepreneurs and dynamic CEOs, has invested US$1 million in priced bridge round in OrangeScape. OrangeScape is a leading,Chennai-based Platform-as-a-Service (PaaS) provider in India.
Indian Angel Network has invested in a priced bridge round considering the strong global customer base that OrangeScape has dynamically built.This funding will help OrangeScape expand its services to mature economies like USA, UK and Western Europe. This will further enable OrangeScape to leverage IAN network that will also help in building strategic growth plans and raise next round of funding from top tier VCs. Additionally, the company will focus on US based marketing, sales, customer support and remove any geographical, psychological and enterprise support related barriers that exist in US and Europe.
OrangeScape was founded by CEO Suresh Sambandam and CTO Mani Doraisamy, OrangeScape.
OrangeScape provides Visual Platform as a Service (PaaS), a modeling driven visual development and deployment environment for creating business applications. OrangeScape is the only cross-cloud provider in the world that supports all major public cloud platforms. IAN member Mr. Sharad Sharma who led the IAN investment and joins the OrangeScape board said, “We at IAN were impressed by the technology depth and market understanding of the founders Suresh Sambandam and Mani Doraisamy. We expect OrangeScape’s platform--Visual PaaS-- to make lasting impact in the global marketplace.”
“Early adopters of OrangeScape include large global customers. IAN funding will fuel company’s marketing forays to expand it global footprint. Access to networks of IAN members will open up many more doors to this technology that is beginning to make a global mark,” Mr. Sharma added.
OrangeScape’s patented rule engine technology (USPTO patent number 8,055,955) can be leveraged by both large enterprises and Independent Software Vendors building SaaS as well as “Enterprise PaaS”. The Visual PaaS platform is particularly suitable for high volume enterprise usage giving a superior price-performance edge.
OrangeScape, that has customers and partners spread across India, USA, UK and Europe, features in the list of Global 10 Cloud PaaS providers, by IT intelligence firms Forrester and Gartner. Forrester expects the PaaS market to reach $11.9 billion by 2020, up significantly from the $820 million in 2011.
Suresh Sambandam founder and CEO of OrangeScape said, “Using funds from IAN and the network strength of Members of the Indian Angel Network we are now set to add global enterprise customers aggressively. With the strength of our technology we will quickly move up in the Global Top 10 Platform as a Service listing.”
OrangeScape’s major enterprise customers include United Biscuits, Unilever, AstraZeneca, Citibank, Fullerton, Geojit, IndiaInfoline, Pfizer andSterlite.
IAN investors also build a strong foundation for their investee companies, helping them with their key management, introduction of customers, building global footprint, and assist in the next round of investments or acquisition by global players.