The global investment arm of chipmaker Intel, Intel Capital, is investing in Happiest Minds Technologies Pvt Ltd. The company has also announced an investment in Mobile Solutions Developer – TeliBrahma Convergent Communications Private Limited. The exact quantum of investment has still not been shared.
Intel had setup a US$ 250Mn Intel Capital India Technology Fund in December 2005 “To help stimulate India technological innovation and the continued growth of the country’s information technology industry”.
So far, 20 Indian companies have received funding. Just like Verizon, Intel has shown rising interest in the Asia-Pacific region & has invested $40 million in 10 technology companies, of which eight are new investments in companies from China, India, Japan and South Korea, and two are planned investments in Taiwan.
Happiest Minds Technologies was setup in April 2011 by ex-MindTree employee Ashok Soota & the company is involved in emerging technologies such as Cloud computing, Social media, Mobility solutions, Unified communications, Business intelligence and Analytics. Ashok had earlier raised INR 94 Crores (US$ 18.5 Million) for his new venture by selling half of his 11.5% stake in MindTree to VG Siddharta.
The funds will be used to open new branch offices in Singapore and Europe. The company presently has offices in Bangalore and the USA.
TeliBrahma Convergent Communications was setup in 2004 by Narismha Suresh and Ravi BR, Its products include GenieTik, an m-commerce ecosphere for Context Sensitive Marketing and Monetizing functions; MobiLogiX, a hosting platform for application and infrastructure service providers that offers enterprise logistics solutions; and EReach, a compilation of lightweight components and applications that provide infrastructure for transaction oriented and collaborative multimodal applications.
The company plans to use the funding for business growth and operational expansion (entering new geographies).