Bangalore, May 27, 2014: Four Indian tech companies have been honoured in the India leg of the Qualcomm Q Prize for innovation, in June and one --Demach Software India Private Limited -- will vie for the global grand prize next month.
Qualcomm's investment arm, Qualcomm Ventures, has announced these finalists:
- Demach Software, based in Chennai, will receive US$125,000 in venture financing to expand its business. The company was selected based on the merits of the technology innovation, its industry potential, the company’s management capabilities and the attainability of the proposal’s financial projections. Demach is the creator of Konotor - a user engagement platform for mobile apps that taps into the power of in-app messaging.
- Mavin Technologies was awarded US$75,000 in venture financing as the runner-up in the regional finals competition. Their innovation enables affordable mobile data for prepaid smartphone users in emerging markets by connecting advertisers with targeted consumers on their mobile devices.
Sponsors and contributors for the QPrize India 2014 competition include Accel Partners, Persistent Systems and One97 Mobility Fund who each contributed US$100,000 for the combined winner and runner-up prizes.
QPrize One97 Winner was LivQuik Technology (India) Private Limited, Mumbai for QuikWallet, enables fast and secure payments on mobile devices; while the QPrize Persistent Winner is CarIQ Technologies Pvt. Ltd, Pune, for a connected car platform that offers tailor made services and products that allow users to remotely manage, monitor, and interact with their vehicle.( for a few days we have a video about CarIQ in our home page Tech Video spot)
“The pace of innovation has never been greater. This year’s QPrize finalists are a testament to the type of great ideas that are developing into potentially game changing start-ups,” says Karthee Madasamy, managing director, India and Israel of Qualcomm Ventures.
The QPrize Global Grand Prize competition, takes June 9-10, 2014 at Bloomberg’s Next Big Thing Summit in San Francisco, California.