Fino, Wortal Get More Funds From Intel Capital
Intel Capital, the corporate venture capital arm of chipmaker Intel, has skipped deals in India as it announced fresh investments in seven start-ups in the US and Asia at its annual CEO summit.
However, two Indian firms have attracted follow-on investments from Intel Capital. These are Financial
Information Network & Operations Pvt. Ltd (FINO), a biometric smartcard enabled banking solutions and Wortal, Inc, which runs local entertainment events portal Buzzintown.com. The quantum of investments in these two firms is not known.
“Innovation does not stop during economic slowdowns, New technologies are the drivers of growth that help lead economies back to prosperity, and Intel Capital continues to be a leading investor in companies pioneering such advancement,” said Arvind Sodhani, president of Intel Capital and Intel executive vice president. Intel Capital announced these fresh investments at the 10th annual CEO Summit in California.
The new investments made were worth $25 million, the company said in a release. These are in US-based Joyent (cloud computing) and Active Storage (RAID storage systems for Apple users), Korea-based Crucialtec (optical modulation technology), Taiwan-based Gudeng Precision Industrial Co (semiconductor front-end equipment manufacturing), Japan-based V-cube (Web-based videoconferencing systems), China-based Phoenix New Media (Web information portal) and United Arab Emirates-based NeuString (telco pricing analytics software).
Earlier this year, Intel Capital announced investments totaling $23 million in India which included mobile services company One97 Communications, online B2B marketplace IndiaMART.com and vocational training institute Global Talent Track.
Not all startups are big enough with deep pockets to burn cash and grow quickly. While some amount of cash spe