Product category:
Embedded Software and Operating Systems
News Release from: Innvo Systems
Edited by the Electronicstalk Editorial
Team on 28 July 2004
Innvo raises capital for Chinese
offensive
Innvo Systems has closed a second round of funding totalling over S$5 million from leading global venture capitalist Walden International, and two other existing investors.
Innvo Systems has closed a second round of funding totalling over S$5 million from leading global venture capitalist Walden International, and two other existing investors, Enspire Technology and TIF Ventures Innvo provides embedded software solutions that enable Multimedia Messaging Services (MMS), WAP Browsing and Java gaming on mobile handsets
This article was originally published on Electronicstalk on 16 Jan 2004 at 8.00am (UK)
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Chay Kwong Soon, Chairman of Innvo Systems commented: "This investment is a strong vote of confidence in our team, and a belief in our vision".
"Although Innvo is a new player in the fast growing handset market, it has proven technologies to meet the challenges ahead".
"I am confident that, with the resources, network and high-tech management expertise provided by Walden, Enspire and TIFV, Innvo will rapidly scale to become a recognised player in the global mobile software solutions industry".
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Innvo specialises in developing software applications for resource-constrained mobile devices, and plans to use the funds to expand its operations, which are currently in Singapore and India.
Well positioned as a pan-Asian solution developer, Innvo develops its products at facilities in Singapore and Bangalore and is currently targeting the China market, where it plans to open a sales and support centre this year.
Marketing efforts will focus on OEMs and ODMs of mobile handsets, especially in the growing China market.
Innvo has field tested its solutions on customers' handsets in China for standards and operator network compliance.
"As mobile handsets are rapidly moving beyond simple voice-centric devices to feature phones with MMS, gaming and internet browsing capabilities, Innvo's full suite of mobile applications significantly shortens the time to market for Tier 2 and Tier 3 ODM/OEM handset manufacturers to launch new products, as well as reduce integration and customisation risk and cost", added Chua Kee Lock, Managing Director of WaIden International in Singapore.
Innvo is Walden's first investment in the embedded mobile application software space.
According to Gartner, total mobile phone shipments in 2004 are likely to exceed 600 million, an increase from a March 2004 estimate of 580 million.
This was the second forecast revision this year, the first at 560 million handsets, up from 520 million sold in 2003.
Gartner also forecasts handset sales in China will surpass the 70 million unit mark in 2004, pushing at least one of the leading Chinese cellphone manufacturers into the list of top 10 global phone makers.
Innvo's mobile software applications are specifically designed for resource-constrained devices, such as handsets with limited CPU power and small memory size.
Its compilation techniques ensure efficient resource management within small footprints, allowing OEMs and ODMs to quickly launch full feature phones at very affordable prices.
With its integrated suite of high performance software solutions for mobile handsets, Innvo is well positioned to address the Asian handset market.
As a one-stop solution provider, Innvo is able to deliver all the key applications - MMS Client, WAP Browser and Java Virtual Machine (JVM) required for mainstream feature phones.
Singapore Economic Development Board (EDB) and TIF Ventures have followed and supported Innvo's growth since it spun off from the National University of Singapore (NUS) in November 2000.
Chua Taik Him, Assistant Managing Director of EDB said: "Innvo's success in raising the funding demonstrates the conduciveness of our environment in supporting emerging enterprises".
"It also highlights investors' confidence in the strength of embedded system design, which is a critical capability in exploiting the opportunities generated by digital convergence".
"We are glad to see that the locally based venture capital community is playing the lead role in facilitating the commercialisation of intellectual properties by leading institutions".
"It's heartening to see that Innvo has built up strong technical core competences over the last two years with some seed funding from Enspire and TIF Ventures", said David Lim, Head of Direct Investment of TIF Ventures.
"The company has developed a comprehensive suite of core modules that integrate impeccably with most handset platforms".
"Today, Innvo is in an enviable position to capitalise on the growth of the handset sales in Asia".
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