MAY 3: Bank of America Equity Partners-Asia and Bangalore-based Sivan Securities have formed Global Technology Ventures (GTV) - a company that would focus on providing capital and incubating start-ups it has invested in. Both BAEP and Sivan would jointly mobilise capital towards its investments, however the capital base is not known.The company is currently putting up the `Global Village'- a plug-n-play facility in Bangalore, where the start-ups will be provided with all infrastructure requirements. The start-ups would be mentored and at a later stage enabled for further rounds of funding according to GTV chairman VG Siddhartha.The focus will be on technology companies with a view to create a "Silicon Valley" scenario. Close to 30 investments are likely to be finalised (currently has made 17 investments) over the next 18 months.
Incidentally, the company was valued at $100 million six months ago by Bank of America and valuations have considerably appreciated, said BAEP managing director David Loseff.
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