Inmobi, a mobile advertising network company, on Tuesday raised $8 million venture capital funding from global investors Kleiner Perkins Caufield & Byers and Sherpalo Ventures. The firms had earlier also invested in the Bangalore-based start-up, which now has a total $15.6 million in venture capital funding. The company is expected to use these funds to accelerate growth in markets such as the USA, Europe and Japan, as well as to double its engineering staff. India-based start-ups are emerging as front-runners in the global digital advertising industry. “These cross-border digital advertising firms from India are focusing on developed markets and are using India as a lower-cost back-end for their technology operations,” said Arun Natarajan, CEO, Venture Intelligence. Typically investors such as Sherpalo and KPCB are investing in digital advertising start-ups that are building technology in India. […]

Mumbai Angels has invested in Pune-based supply chain solutions firm Algorhythm Tech Pvt Ltd. Algorhythm has created a proprietary software platform embedded with Advanced Optimization Engine for customizing highly effective supply chain solutions. The amount invested or stake taken were not disclosed. The company was set up by Ajit Singh (Chief Software Architect), Sandeep Pendurkar (COO) and Abhaya Borwankar (CEO). Gulu Mirchandani, owner of MIRC Electronics and part of Mumbai Angels, is the company chairman. Algorythm's clients include firms like Unilever, Nestle, Coca Cola, GSK, SAB Miller, Reckitt Benckiser in the CPG space, and Essar Steel, Uttam Galva, Thyssen Krupp, Mukand Ltd. etc. in the metals space. […]