AUCKLAND (07/03/2000) - Hamilton, New Zealand-based Deep Video Imaging Ltd.
(DVI) will soon be producing its three-dimensional (3D) technology in Asia after receiving a NZ$690,000 (US$324,000) grant from the Singapore Government.
The boost comes after the New Zealand Government awarded DVI NZ$500,000 to aid the development of the technology that offers 3D images from kiosks without the need for special glasses.
The Singapore money comes from its government's Technopreneurship Investment Program (TIP).
"The grant, the first issued by TIP to a foreign-owned company, will enable us to develop and manufacture our liquid crystal display screens (LCD) in Singapore and expand into the mass global market," says DVI architect and general manager Gabriel Engel.
Engel says the recognition from the Singapore Government is a major boost.
"Our focus will be to work closely with Singapore's Institute for Performance Computing to tailor DVI's desktop computer monitors for the Singapore, Malaysian and Indonesian markets," he says.
A new company called DVI Singapore will be formed. It will be 70 percent owned by DVI and 30 percent owned by the Singapore Government's National Science and Technology Board, which now has a license to commercialize the DVI technology.
Singapore-based Khoe Lay of venture capitalists IT Capital, which part-own DVI, says sales in the region should generate much revenue for the company and Singapore is "an ideal base for DVI's expansion into the vast Asian market."
An IT Capital spokesperson, presently in California with Gabriel Engel looking at opportunities there, says DVI is something New Zealand should be developing but the licensing model works best for the company.
DVI, he says, is focusing on software development and licensing arrangements which allows the technology to be applied fastest to maximize the benefits to the company and offer lowest risk.
However, the spokesperson says some manufacturing of DVI 3D products may take place in New Zealand.