MobiApps gets $10-m in series B funding

BANGALORE: VC companies Intel Capital and UOB Venture Management together would be investing $10 million in telematics and asset tracking company MobiApps.

Sanjay Chakrabarty, CEO, MobiApps Holdings Pte Ltd, told CyberMedia News that the latest round of funding was a validation from the investors on the company's aim to pursue creating next-generation products.

“The funds will be used to develop our next-generation products like commercial fleet management products and also to enter new markets like China, Australia in the next 18 months,” he said.

MobiApps recently bagged a major OEM customer for its marine telematics platform. The company plans to expand its market in this space and also launch its satellite transceiver products in the second quarter of 2006.

Besides, the company also plans to develop products that are independent of vehicles.

“There is a significant need for these kind of products and to cater to this segment, we need much more miniaturized, low power chipsets.”

Chakrabarty added that these products would help in monitoring and managing the elements of the supply chain.

He said that the new fund would also be invested in expanding product-engineering capabilities in Bangalore. However, due to wage inflation, the company is also eyeing other cities, not necessarily in India.

While he did not reveal the revenue figures, Chakrabarty said that the company would quadruple its revenues in 2006.

India, Middle East, Europe and North America are the major markets for MobiApps.