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MobiApps receives $8 million VC fund
By siliconindia staff writer
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Friday, 17 October 2003, 19:30 IST
BANGALORE: MobiApps, a Bangalore-based provider of hybrid terrestrial and satellite technologies for industrial communications, on Wednesday announced that it closed a $8 million investment deal with major international investors. The round was led by 3i, a global venture capitalist, and Green Dot Capital, a wholly-owned subsidiary of Singapore Technologies. Beacon Advisory, a Singapore based boutique advisory firm, assisted MobiApps on this fund raising.
The proceeds will be primarily used to fund MobiApps growing satellite and terrestrial transceiver business. Funds will support MobiApps in becoming a leading international manufacturer of satellite transceivers, hybrid terrestrial and satellite-based asset tracking solutions and embedded hybrid satellite/terrestrial chipsets for industrial communications.
Commenting on the investment, Sanjay Chakrabarty, MobiApps CEO said, We have worked very closely with 3i and Green Dot Capital in putting together this exciting platform for growth. This investment is a significant endorsement of MobiApps global industrial communications strategy.
(Source: Economic Times)