Intel Corporation’s global investment unit has announced a plan to invest in three Indian technology companies
Intel Capital, Intel Corporation's global investment organisation, today announced that it has invested $23 million in three Indian technology companies —July Systems, KLG Systel and MCX, reports PTI.
Individual investment amounts were not disclosed. Funding would come from the $250-million Intel Capital India Technology Fund established in December 2005, Intel Capital said in a statement.
"This fund invests in Indian technology companies to stimulate local technology innovation and the continued growth of India's information technology industry,” it said.
July Systems provides mobile Internet solutions which enable media brands to publish, distribute, monetise inventory and personalise services for consumers.
KLG Systel provides smart grid and energy management and efficiency solutions to power utilities and end-users.
MCX, a leading commodity futures electronic exchange in India, has permanent recognition from the government of India for facilitating online trading and clearing and settlement operations for the futures market across the country.
"Intel Capital’s investment in July Systems, KLG Systel and MCX reinforces our commitment towards fostering Indian innovation,” said Arvind Sodhani, president of Intel Capital and Intel executive vice president.
Since 1998, Intel Capital has invested more than $200 million in Indian technology companies across 10 cities, the statement said.