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IBM is strategic investor in Chrysalis

International Business Machines has made a strategic investment in India-based, private tech-focused venture capital firm, Chrysalis Capital, the US company's first such tie-up in India, a joint statement said on Thursday.

The statement did not say how much IBM had invested.

IBM will also be the preferred technology vendor for Chrysalis' portfolio of companies, the statement said.

The partnership is part of IBM's 'Net Generation Business Blue Velocity' programme, which is aimed at helping Internet companies and service providers quicken their path to profitability, it said.

"Chrysalis is actively looking at technology investments in spaces like semiconductors and wireless, where we look to leverage off IBM's depth of experience," Ashish Dhawan, the Indian venture capital firm's senior managing director, was quoted as saying.

Owen Rayment, IBM's Net Generation business development executive for venture capital relations in Asia-Pacific, was quoted as saying: "Chrysalis will provide IBM with a window into promising new e-business technology and market trends in Asia."

The Indian private equity firm said it has just closed its second fund, Chrysalis Raga, and now has about $200 million under management.

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