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Preethi J

Investment to target product expansion

Bangalore March 12 Moveo Systems, a Bangalore-based start-up in mobile applications domain, closed its second round of funding recently. Declining to reveal the investment, the CEO, Mr Sankalp Saxena, only said that it was larger than the first. The firm was seeded with an investment totalling $1 million by patrons belonging to General Electric, IBM, FeatherLite.

The second investment will be deployed for setting up a sales and marketing team to expand the reach of Moveo's products. The angel funding brings in three new industry sectors, and is by CEOs of large companies, all Indians. It will conclude next week, said Mr Saxena.

The firm is moving beyond m-CRM and m-coupons to bring in radical applications on the mobile such as m-money (where the ATM would transfer change to your mobile, which could be used to buy railway tickets) and traffic watch (where a Web cam would stream video to your mobile), but Moveo's application makes this possible on low-end phones, too. Moveo will be covering metros by mid 2007 with this service.

"We hope to capture 15-20 per cent of the telecom value-added services market in the next two years. The ARPU for operators should double with the entry of such innovative applications on mobiles," said Mr Saxena.

The year-old firm has ambitious plans of adding its first global client (which will be in the financial services domain) by fiscal 2008.

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