Recognized for highly-successful investments in the Indian market, including iYogi and BharatMatrimony, Mittal will accelerate Canaan's activities in India
Menlo Park, CA (PRWEB) July 10, 2007 -- Canaan Partners, a $2.4 billion global venture capital firm, today announced that Alok Mittal has become a Managing Director. Mr. Mittal joined Canaan in March 2006 to launch the firm's Indian office in New Delhi. He invests in innovative digital media, wireless, software and services companies. Mr. Mittal was instrumental in Canaan's investments in BharatMatrimony, the leading marriage matchmaking site in the world, and iYogi, which leverages the power of the Internet to offer high-quality, low-cost tech support to global consumers.
"In just a little over a year at Canaan, Alok has shown exceptional leadership and investment insight. He has proven to be deeply connected to the entrepreneurial community in India, and has led our rapid launch in the marketplace," said Canaan General Partner Deepak Kamra. "With his keen understanding of the local market, Alok will make an outstanding Managing Director as we continue to expand Canaan's operations in India."
"India is quickly moving from a provider of outsourced services to the birthplace of innovative startups poised to become global leaders," said Mr. Mittal. "With its established track record, Canaan is well positioned to identify and fund India's next wave of global success stories, as our early investments in iYogi and BharatMatrimony aptly prove. I'm eager to expand Canaan's presence in India and look forward to working hand-in-hand with the country's top entrepreneurs to build tomorrow's leading international companies."
In addition to serving as Managing Director at Canaan, Mr. Mittal also sits on the boards of BharatMatrimony and iYogi, and is actively involved in promoting entrepreneurship in India. Prior to Canaan, Alok was an entrepreneur and private investor, and was a founding member of Band of Angels India. He previously led the technology practice at Baring Private Equity Partners India and was co-founder of JobsAhead.com, a web-based recruitment business that was later acquired by Monster.com. Mr. Mittal's career began at Hughes Software Systems, the leading provider of telecom software and systems in India. He holds a BA in computer science and engineering from the Indian Institute of Technology Delhi and a MA in computer science from UC Berkeley.
About Canaan Partners
Canaan Partners is a leading global venture capital firm specializing in early-stage information technology and life sciences investments. Founded in 1987, Canaan Partners has $2.4 billion capital under management and has invested in more than 240 companies, completed 63 mergers and acquisitions, and brought over 50 companies public. The firm catalyzes the development of innovative mobile, Internet, Clean Tech, networking, semiconductor, enterprise software and services, biotechnology and medical devices to build next-generation market leaders. Canaan was an early investor in Acme Packet (APKT), Active Network, BharatMatrimony, Blurb, Capstone Turbine (CPST), Cerexa (acquired by FRX), CombinatoRx (CRXX), CommerceOne (CMRC), Cortina Systems, Dexcom (DXCM), Dexterra, DoubleClick (DCLK), ID Analytics, Immunicon (IMMC), Match.com (acquired by TMCS), Northstar Neuroscience (NSTR) and Tremor Media, along with dozens of other market-leading companies. Canaan is headquartered in Menlo Park, California, and has offices in Connecticut, India and Israel. For more information visit: www.canaan.com.
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