Granatus Ventures to provide London-registered WICASTR with $800,000 funding

YEREVAN, October 3. / ARKA /. The first Armenian venture fund Granatus Ventures will provide the London-registered WICASTR with $800,000 funding, the Enterprise Incubator Fund (EIF) told ARKA. It said also that an agreement to that end was signed in New York on the fringes of the seventh annual  ArmTech Congress 2014. 

WICASTR is a web server that acts as a local internet bubble that creates hyper-local, private and secure content distribution and communications. 

WICASTR co-founder Armine Saidi was quoted as saying in an EIF press release that this technology allows people to communicate with each other through smart equipment, without being dependent on the Internet or mobile network or application.

According to her, the company plans to use the funds for the completion of this technology and its marketing.

The first Armenian venture capital firm Granatus Ventures  was registered in 2013 July at the initiative of an Armenian Singaporean businessman Pierre Hennes.  Its Armenian partners are  Manuk Yerghnyan, the head of  Economy and Values research center in Yerevan, and a venture businessman and ex-director of Soros Fund Management in London Yervand Sargsyan.

Granatus Ventures is expected to make investments in IT startups on a shared basis (not more than 50%) and then to buy its share back as the business develops. 

The government said it will acquire 9,000 shares of Granatus Ventures Foundation worth a total of $3.3 million. Private investments in the capital will amount to $3 million. –0--