Innvo Systems wins more fundings of over S$5 million from Walden International and two other existing investors.

Innvo targets to become the leading mobile software solutions provider in Asia for mass market feature phones

(PRWEB) July 30, 2004 -- Innvo Systems Pte Ltd (Innvo), a Singapore-based high tech start-up announced that it 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 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, 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 Singapore, and Bangalore and is presently targeting the China market, where it plans to open a sales and support centre this year.

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."

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, Innvos 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," explained Mr. Chua Kee Lock, Managing Director of Walden International in Singapore. Innvo is Waldens first investment in the embedded mobile application software space.

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

Innvo also plans to invest in a new 5000 sq. ft. facility that will house its product development and offices in Bangalore, India. A team of highly skilled software developers presently work in Bangalore on WAP, MMS and Java(TM) technologies supporting product development and pre-integration of Innvos 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 Mr.Rajiv Ranganath, Chief Operating Officer of Innvo Systems. In the future, Innvo will also concentrate on developing clients for emerging technologies such as Push-To-Talk (PTT) and Instant Messaging (IMPS).

Innvos mobile software applications are architected 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 growing 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.

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 firms funds total over US$1.5 billion in committed capital. Walden Internationals 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 into 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

For more information, please contact:
Innvo Systems Pte Ltd
Joyce Lim
Corporate Marketing Manager
Phone: +65-6779 9401
Hp: +65-9181 8800

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