October 2 2011: Intel Capital, Intel’s global investment organization, says it will invest approximately US $20 million, in six innovative Indian technology companies. The six companies are:
• Saankhya Labs, a fabless semiconductor company; based out of Bangalore which is developing the World’s First Software-Defined Universal Demodulator IC for Digital and Analog TV reception. http://www.saankhyalabs.com/
• Testing Czars, a global independent test engineering and solutions provider for mobile applications based out of Bangalore and Mountain View (CA) US; http://www.testingczars.com/
• Mumbai -based Financial Inclusion Network and Operations (FINO), a business and banking technology platform provider with an extensive services delivery channel. www.fino.co.in
• What’s on India, also from Mumbai, a popular Indian electronic programming guide for television; www.whatsonindia.com
• enStage, a Bangalore and Cupertino ( CA) US- based electronic payment solutions and processing provider; www.enstage.com/ and
• DURON Energy from Bangalore, a pioneer in affordable solar power products designed for off-grid use in emerging markets. www.duronenergy.com
“Indian entrepreneurs are increasingly at the forefront of innovation, using technology to change the way we live and do work. Intel Capital’s investments in these six companies will help them grow their businesses and push into new markets,” said Arvind Sodhani, president of Intel Capital and executive vice president of Intel.
Three investments – Saankhya Labs, Testing Czars, and FINO – have been completed. Intel Capital has signed investment agreements with What’s on India, enStage and DURON Energy.
“The computing revolution is just starting in India. As PC ownership rises among Indian households, there is growing demand for online services and content. Intel is working closely with our Indian customers to help them meet this demand,” said Navin Shenoy, vice president and general manager, Asia-Pacific, at Intel.
Funding for the investments announced by Intel Capital comes from the US$250 million Intel Capital India Technology Fund established in December 2005. This fund invests in Indian technology companies to stimulate local innovation and the continued growth of India's information technology industry. Oct 2 2011