Still the Land of Opportunity
U.S. businesses owned and run by people originally from India, Pakistan, Bangladesh, Sri Lanka, and Nepal -- dubbed the IndUS community -- continued to receive significant amounts of venture capital during the past 15 months, with the largest amount going to companies in California.
A list of the top 100 VC-backed, IndUS-owned companies was compiled from the results of an unscientific survey by the publishers of the nation's only monthly newspaper dedicated to news about the South Asian business community. IndUS entrepreneurs who responded to the publisher's survey reported raising a total of $2.85 billion in VC funds in the last 15 months. "Since not all companies responded to our survey, the figure could be much higher," says Upendra Mishra, publisher of IndUS Business Journal and managing partner of its publisher, the Mishra Group. The top 10 on the list raised a combined total of more than $1 billion.
SEA TO SHINING SEA.
Topping the list was Oak Brook (Ill.)-based Looking Glass Networks Inc., a fiber-optics company that raised $200 million, according to the report. Companies from California's Silicon Valley account for 6 of the top 10 spots.
"Silicon Valley companies dominate this list, just as they do for overall venture lists," Mishra said. "However, the list also includes companies from many other regions that are hotbeds of technology, such as greater Boston, New York, and Austin, Texas, among others."
California ranked first with 53 venture deals that raised $1.69 billion, according to the IndUS Business Journal figures. Massachusetts was second, with 23 deals raising $511.6 million.
Other states that did well in overall venture capital raised by Indus-owned companies include: Texas (five deals worth $207 million), New Jersey (five deals worth $158 million), New York (three deals worth $57.75 million), and Colorado (one deal worth $92 million).
By Robin J. Phillips in New York