Cloud-based online education startup Aurus raises funding from Indian Angel Network

Aurus Network Infotech Pvt, a cloud-based SaaS solution for lecture capturing and publishing, has raised an undisclosed amount from Indian Angel Network (IAN). The round saw the participation of IAN members Padmaja Ruparel, Saumya Meattle, Sharad Sharma and Ajai Chowdhry.

The funds will be used to develop its R&D centre and to ramp up the sales and marketing team. Speaking to Techcircle.in, Piyush Agarwal, founder and CEO of Aurus Network said, "Right now we are a team of 10, but intend to take up the number to 15-20, recruiting from premium institutes like IITs and NITs."

The company is also planning to expand its operations globally, starting with Africa. Targeting the education institutes and enterprises, the company is helping its clients impart education online even to remote centres in Tier 3 and Tier 4 cities.

Aurus Network was founded by Piyush Agarwal in 2010. An alumnus of IIT Kanpur and Stanford University, US,  Agarwal has previously worked with Yahoo!.

A cloud-based platform for video creation, management and distribution in the educational space, Aurus can work in any Internet connection with speed ranging from 75 kbps-2 mbps. "A slow network doesn't really compromise the video quality," Agarwal said.

The company, which is already profitable, is targeting revenue of Rs 1.5 crore in FY13. "We clocked revenue of Rs 60 lakh in FY12," Agarwal said.

(Edited by Prem Udayabhanu)