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Singapore, 26 July 2004: Innvo Systems
Pte Ltd (Innvo), a Singapore-based high tech start-up
today announced that it has closed a second round of
funding totaling over S$5 million from leading global
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.
Mr. 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 recognized player
in the global mobile software solutions Industry."
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 presently targeting
the China market, where it plans to open a sales and support
centre this year. Marketing efforts will focus on Original
Equipment Manufacturers (OEMs) and Original Design Manufacturers
(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 customization risk and cost," added Mr. 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, Inc., 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 cell phone 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. Mr 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 commercialization 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. 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 capitalize on the
growth of the handset sales in Asia," said Mr. David
Lim, Head of Direct Investment of TIF Ventures.
About Walden International
Walden International is a leading global capital firm
that has been providing early-stage technology companies
with the advantage of an unrivaled global network since
1987. The firm's funds total over US$1.5 billion in committed
capital. Walden International's global organized network
of multi-cultural professionals spans the United States,
Taiwan, Singapore, the Philippines, Malaysia, Japan, India
and China/Hong Kong. For more information, please visit
www.waldenintl.com.
About Enspire Technology Pte Ltd
Enspire Technology Pte Ltd, www.enspire-group.com,
is a member of the Enspire Group, a technology venture
investment group that focuses on early stage start-ups
in China, Singapore, Taiwan and the United States. Enspire
was founded by Chay Kwong Soon, a co-founder and the former
president of Creative Technology Ltd.
About TIF Ventures Pte Ltd
TIF Ventures Pte Ltd (TIFV) is a government-owned fund-of-funds
management company. It was incorporated in April 2001
as a wholly owned subsidiary of the Economic Development
Board of Singapore.
TIFV was formed as part of the Technopreneurship 21 initiative,
which is a government program to promote a viable and
thriving sector of high growth technology-oriented companies
in Singapore. Its role in this initiative is to develop
the Venture Capital (VC) Cluster, achieved through the
Company's three main activities: fund-of-funds investments
(investments in VC funds), direct investments and venture
services. Its main investment vehicle is the Technopreneurship
Investment Fund (TIF), which currently has a fund size
of US$1.3 billion. Through its strategic links with reputable
VC firms globally, TIFV also catalyzes private sector
institutional and corporate investments to the VC industry.
For more information, please visit www.tifventures.com.
About Innvo Systems Pte Ltd
Established in 2000, Innvo Systems specialises in cost
effective embedded software solutions for mobile devices
such as mobile handsets, PDAs and wireless terminals. Our
business is to license our Mobile Browser, Multimedia
Messenger, Java™ Virtual Machine and integrated
application suite to handset design houses and ODM/OEM
handset manufacturers. Headquartered in Singapore, Innvo
has a software development centre in Bangalore, India. For
more information, please visit www.innvo.com.
© Innvo Systems, we make smart things SMARTER™
Innvo Systems Pte Ltd
Joyce Lim
Corporate Marketing Manager
Phone: +65 6779 9400 ext 401
Email: joyce.lim@innvo.com
####
All trademarks and registered trademarks are the property
of their respective owners.
- Gartner Alert Market Share: Mobile Terminals,
Worldwide, 1Q04
- http://www4.gartner.com/5_about/press_releases/pr21jan2004a.jsp
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