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Intel Capital Invests In KLG Systel, MCX

25 March, 2010

Intel Capital, the corporate venture capital arm of chip manufacturer Intel Corporation, is investing a total of $23 million in three Indian technology companies. The funding came from the $250-million Intel Capital India Technology Fund launched in December 2005, said a company statement.

While the first investment was made in Bangalore-based mobile media company July Systems earlier this month, the two other investments include KLG Systel Ltd and Multi Commodity Exchange of India Ltd (MCX). The individual investment amounts were not disclosed.

KLG Systel, a Gurgaon-based energy management solution company, is listed in the National and Bombay Stock Exchange. KLG Systel helps in monitoring and control of electrical devices remotely over the internet through its online portal called Connectgaia.com. The company

also develops software that helps in utility billing and management, and is now developing a smart grid and energy efficiency device based around the Intel Atom processor, as well as creating a center of excellence to showcase technology and emerging models.

Kumud Goel, managing director, KLG Systel, said in the statement, “the fund will help us in developing new technologies to upgrade our Connectgaia.com. We shall be able to provide innovative solutions to address the issues of global warming and CO2 emissions by reducing and optimizing usage of energy across the electricity supply chain.”

Meanwhile, the investment in MCX is done through a secondary transaction with an existing MCX investor. Earlier reports indicate that Intel Capital has picked up 2% stake from Fidelity in MCX. Following the development, both Intel and MCX plan to work together to advance technology adoption in hinterland India, where MCX and its sister companies have existing reach.

Sudheer Kuppam, managing director, Intel Capital Asia Pacific, stated: “Investing in electronic financial exchanges, smart grid technology solutions and mobile Internet-nabling technology platforms demonstrates Intel Capital’s strong commitment to India’s on-going infrastructure build-out, as aligned with the national agenda. We will also continue to invest in technology sectors vital to the growth of the country.”

Intel Capital has so far invested over $200 million in technology companies across India.

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Intel Capital Invests In KLG Systel, MCX

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