SINGAPORE (03/29/2000) - Singapore-based VoIP (voice over Internet protocol) specialist Innomedia Inc. has secured US$115.5 million in venture capital funding to aggressively expand its product development, marketing and service network, the company announced yesterday.
The sum is thought to be the largest ever secured by a Singapore technology firm, and comes in part from Singapore government-linked companies Vertex Management and EDB Investments Pte. Ltd., as well as from private investment by Sim Wong Hoo, founder of Singapore multimedia company Creative Technology Ltd.
The company is positioning itself as an end-to-end VoIP service company as opposed to a single-product supplier. The investment will help Innomedia capitalize on the explosive growth of the Internet telephony market and allow the company to stay focused on delivering value to its customers, according to Innomedia Chairman Ng Kai Wa.
Innomedia is expected to concentrate on the U.S., where it has an office, and Taiwan, as well as its small home market of Singapore, where telecommunications are to be fully liberalized on Saturday.
Already, incumbent operator Singapore Telecommunications Ltd. (SingTel) has launched its eVoiz VoIP service, and a start-up called E001.com is now offering free VoIP calls to users who register at its Web site. An earlier VoIP supplier in Singapore, MediaRing, has recently seen its share priced drop sharply in the face of the new competition.
Innomedia can be contacted at +65-872-0828 or online at http://www.innomedia.com/.