Financial Daily from THE HINDU group of publications
Monday, Dec 19, 2005
Financial Daily from THE HINDU group of publications Monday, Dec 19, 2005 |
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Info-Tech
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Venture Capital MobiApps closes $10-m funding Our Bureau
Bangalore , Dec. 18 MOBIAPPS Holdings announced it closed a Series B investment to the tune of $10 million. MobiApps is a Bangalore-based technology company that provides products for tracking, monitoring and managing industrial equipment and assets. Investors included UOB Venture Management, Partners Group and a new entry — Intel Capital. UOB Venture Management is a wholly-owned subsidiary of United Overseas Bank Ltd. Swiss asset management firm Partners Group has $7 billion in private equity, private debt and hedge fund investment programmes. Intel Capital closed in on MobiApps as the company's focus on the rapidly growing domestic telematics markets, including India, was aligned with Intel's investment strategy in Asia, said Mr Varun Kapur, Managing Director, Intel Capital, Asia-Pacific. Singapore-based Beacon Advisory acted as financial advisors for this funding. The company will use this investment to accelerate its global sales & marketing to launch new products.
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