Intel Capital to invest $20 mn in six Indian firms

New Delhi: Chip-maker Intel’s investment arm, Intel Capital, today said it plans to invest about $20 million in six Indian companies.

The investments are part of Intel Capital’s ongoing efforts to support Indian technology innovation and entrepreneurship, the company said in a statement.

While investment in three companies - Saankhya Labs, Testing Czars, and FINO - has been completed, Intel Capital has signed agreements for investment in What’s on India, enStage and DURON Energy as well, Intel Capital said.

Details of these investments, including the amount to be invested in each company, were not disclosed. “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,” Intel Capital President and Intel Executive VP Arvind Sodhani said.

Funding for the investments announced by Intel Capital comes from the $250 million Intel Capital India Technology Fund established in December, 2005.The fund invests in Indian technology companies to stimulate local innovation and the continued growth of India’s information technology industry.

Saankhya Labs is a fabless semiconductor company, while Testing Czars is a global independent test engineering and solutions provider for mobile applications.

Financial Inclusion Network and Operations (FINO) provides business and banking technology platforms, while What’s on India provides electronic programming guides for television. enStage is an electronic payment solutions and processing provider.

DURON Energy is a pioneer in affordable solar power products designed for off-grid use in emerging markets.

PTI