V3 Teletech ("V3"), a homegrown Singapore-based company specializing in developing location based products and solutions, announced today that it has closed a strategic Series A funding round with Gemplus - EDBV Smart Labs ("Smart Labs") and W3 Infocomm Group Pte Ltd("W3").
V3's suite of products harnesses Location Determination and Geographical Information technologies to provide visibility and security to the assets and personnel of enterprises. V3 has successfully deployed their products with major logistics service providers in Singapore, Malaysia and China. The funding proceeds will be primarily used to support V3's regional growth and the development of new products.
"Proliferation of mobile telecommunication services is driving enterprises to adopt location-based solutions to improve their competitive edge. Introduction of smart card in these solutions will further increase usage and security", said Mr Chou Fang Soong, President of Gemplus Technologies Asia Pte Ltd and Director of Smart Labs.
Andy Quak, Deputy Chairman of W3 Infocomm Group, said, "I believe in this V3 team. I saw how they build their business, sell to MNCs and win sales in China. W3 is happy to co-invest with Smart Labs".
Henry K S Tan, V3's Executive Chairman, said, "This investment is a strong vote of confidence for our team. V3 also has a strong presence in China, - the largest growing market in Asia - having deployed our solutions in Beijing, Shanghai, Guangzhou and other cities. I am confident that with the support from EDBV, and the access to Gemplus' technical expertise and strong regional network, V3 will be well positioned to scale up rapidly to become a recognized global player in the Location Base Services and Solutions Industry".
About V3 Teletech Pte Ltd
V3 Teletech is a leading enterprise resource forecasting, optimization and performance enhancement workflow enabler. It focuses on providing solutions and project consultancy for the logistics and transportation operators and enterprises.
V3 Teletech develops innovative N2N logistics workflow IT platform and products which utilizes the up-and-coming Geographical Information System (GIS) and Location Determination Technologies which encompasses Global Positioning System (GPS); Cellular ID; Radio Frequency Infrared Detection (RFID). It aims to assist lead logistics service providers and enterprises in optimizing their resources, operations and to enhance visibility plus security in conventional and cold chain cargo distribution management.
For more information on V3 Teletech, visit www.v3teletech.com
About Smart Labs Pte Ltd
Gemplus - EDB Ventures Smart Labs Pte Ltd ("Smart Labs") was set up in November 2001 as a joint venture between GemVentures of Gemplus and EDB Ventures. Smart Labs looks for and nurtures innovative ideas and applications based on smart card technology. An early-stage fund, Smart Labs has an investment budget of US$6 million targeted at young companies with innovative and viable business plans.
For more information, visit www.smartlabs.com.sg
About Gemplus & GemVentures
Gemplus International S.A.(Euronext: LU0121706294 - GEM and NASDAQ: GEMP) is the world´s leading player in the smart card industry in both revenue and total shipments (source: Gartner-Dataquest (2003), Frost & Sullivan, Datamonitor.) It has the largest R&D team, unrivalled experience, and an outstanding track record of technological innovation. Gemplus offers an exceptional range of portable, personalized solutions that bring security and convenience to people´s lives. These include Mobile Telecommunications, Public Telephony, Banking, Retail, Transport, Identity, WLAN, Pay-TV, e-government, access control, and a wealth of other applications.
Gemplus' revenue in 2003 was 749 million Euros.
GemVentures is Gemplus' Corporate Venture Capital Fund set up in early 2000. With a fund size of US $75 Million, it aims to boost the smart card industry by investing in start up and young companies with innovative and viable business plan for smart card applications across Europe, the Americas and Asia.
For more information, visit www.gemplus.com and www.gemventures.com
About EDB Ventures Pte Ltd
EDB Ventures Pte Ltd ("EDBV") is a wholly-owned subsidiary of EDB Investments Pte Ltd ("EDBI"), the investment arm of the Singapore Economic Development Board ("EDB"). It makes strategic investments world-wide focusing on new business-models, technology and knowledge intensive projects that deliver innovative solutions in hardware, software and related services. EDBI manages in excess of US$3 billion and has made investments in over 260 projects.
For more information, visit www.edbi.com
About W3 Infocomm Group Pte Ltd
W3 Infocomm Group is an investment holding company with sterling track records in investing and raising subsequent round funding for start-ups and early stage companies. With some of its portfolio companies now actively in the process of M&A and IPO, W3's investment focus has shifted from what was primarily early stage investment in infocomm and media companies to quality investments in late stage, pre-IPO and pre-trade sales companies. Shareholders of W3 and its investee companies include Temasek Holdings (Pte) Ltd [via its 100% held Greendot Capital Pte Ltd], SingTel Group, Singapore Technologies Electronics Ltd, Gemplus-EDB Smart Labs Pte Ltd and PrimePartners Group, a US$300 million venture capital fund.
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