Attero, a start-up based in Noida, India, is one of the latest recipients of an uptick in attention to India-based companies. The company just raised $6.3 million from NEA-IndoUS Ventures and Draper Fisher Jurvetson to build a 100,000-square-foot recycling center that will dispose of used electronic equipment, like old computers, televisions, and cell phones, in “an environmentally friendly manner, with very high recycling efficiency,” says the company. The company is also promising “complete data security.”
From what I’ve read, India, China, and Kenya are trying to process a lot of the world’s fast-growing problem of “E waste” as it’s called, both because the goods are more apt to be reused locally (off-brand computers are sometimes assembled using refurbished components), and because the countries have lower environmental standards. (There’s a useful article by Greenpeace here if you’re interested in reading more.)
Attero’s funding comes on the heels of a quarter that saw VC investment in India more than double over the second quarter of last year, according to data from Dow Jones & Co’s VentureSource unit. VCs invested $237.6 million across 17 deals in the quarter ended June 30. The three months ending June 30, 2007 meanwhile saw $108 million invested in 12 deals.