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Indian start-up gets Rs 13 crore from VCs

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CIOL Bureau
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BANGALORE: Innvo Systems Pte Ltd (Innvo), a Singapore-based high tech start-up today announced that it has closed a second round of funding totalling over Rs 13 crores from venture capitalist Walden International, and two other existing investors Enspire Technology Pte Ltd (Enspire) and TIF Ventures Pte Ltd (TIFV). Innvo provides embedded software solutions that enable Multimedia Messaging Services (MMS), WAP Browsing and Java gaming on mobile handsets.



Established in November 2000 by three Indian schoolmates, who met while studying at the National University of Singapore (NUS), Innvo specializes in developing software applications for resource-constrained mobile devices. Innvo plans to use the funds to expand its operations in Singapore, India and China. Well-positioned as a pan-Asian solution developer, Innvo develops its products at facilities in Bangalore and Singapore, and plans to open a support center in China later this year.



Marketing efforts will focus on Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs) of mobile handsets especially in the growing Chinese market, where Innvo has field-tested its solutions on customers' handsets for standards and operator network compliance.



Rajiv Ranganath, Chief Operating Officer of Innvo commented, "The last four years have been a tremendous learning experience and today marks another milestone for the company. We have technically sound products and a strong and motivated team with the zeal to succeed." Ranganath, along with his friends Abhaya Shenoy and Srijon Biswas, are the core team at Innvo Systems.



According to Gartner, Inc., global mobile phone shipments in 2004 are likely to exceed 600 million, up from a March 2004 estimate of 580 million. "As mobile handsets move beyond simple voice-centric devices to feature phones with MMS, gaming and internet browsing capabilities, Innvo's applications significantly shorten the time to market for Tier 2 and Tier 3 ODM/OEM handset manufacturers as they launch new products, as well as reduce integration and customization efforts," says Chua Kee Lock, Managing Director of Walden International in Singapore. Innvo is Walden's first investment in the embedded mobile application software space.



Innvo plans to invest in a new 5000 sq. ft. facility that will house its product development and offices. A team of highly skilled software developers presently work in Bangalore on WAP, MMS and Java technologies supporting product development and pre-integration of Innvo's solutions onto leading baseband chipset environments.



The team in India is expected to grow to over 50 engineers in the next six months, and Innvo is actively seeking professionals with embedded software development skills. "We are in the process of hiring a team of individuals who are eager to be involved with challenging software development in a fast-growing organization, and we are confident of finding the right skill sets here in Bangalore," added Ranganath. In the future, Innvo will also concentrate on developing clients for emerging technologies such as Push-To-Talk (PTT) and Instant Messaging (IMPS).

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