Sasken Communication Technologies Ltd. (Sasken), India's leading embedded communications solutions Company and IDG Ventures India, a $150 million technology venture capital fund, today announced the launch of Con-nectM Technology Solutions Pvt Ltd (ConnectM) for providing Machine 2 Machine (M2M) enabled solutions to global markets.
Commenting on the Sasken – IDG Ventures Company, Mr. Rajiv Mody, Chairman and CEO, Sasken Communication Technologies Limited, said, “Sasken has been focused on embedded communication solutions with significant expertise in mobile devices/ handsets. Through ConnectM, we will leverage our expertise to address corporate customers in Transportation, Utilities, Industrial, Enterprise markets. ConnectM will provide one more axis of growth for Sasken”
“IDG Ventures has added tremendous value in incubating ConnectM and building the business plan based on their knowledge and experience in this market,” continued Mr. Rajiv Mody.
Commenting on the new venture, Mr. Sudhir Sethi, Vice Chairman and Managing Director, IDG Ventures India , said, ” The ConnectM spin out is the result of a true collaborative partnership between Sasken and IDG Ventures India. ConnectM is a niche player in the growing remote diagnostic and monitoring market and is well positioned to lead in this space. ConnectM will enable clients to benefit from in-creased availability through remote after market applications enabling predictive maintenance powered by M2M.”
“We aim to launch additional innovative start ups in line with our early and seed stage investment strategy,” added Mr. Sudhir Sethi
The addressable market is expected to scale to $13Bn by 2010. ConnectM's ver-tical industry segments include Transportation, Utilities, Industrial, Enterprise and segments enabled by M2M. Specifically within transportation, ConnectM addresses the aerospace, automobiles and railroad markets. ConnectM's service offerings range from fleet management, telematics, remote asset management, energy usage op-timization, pilferages & theft tracking, to after market services and remote moni-toring.
ConnectM is led by Mr. Kumar Prabhas as the CEO. He joins the spin out along with the founding team of delivery, strategy, finance and marketing from Sasken. “We expect to kick-off our first customer engagement by the end of this year”, said Mr. Kumar Prabhas.
“Our first set of service offering being launched targets aerospace as well as railroad and auto sectors. We are targeting airlines, MRO companies, aircraft engine makers, power generation turbine manufactures including wind energy,” continued Mr. Kumar Prabhas.
Mr. Rajiv Mody, Chairman and CEO, Sasken, will be joining the ConnectM board as the Chairman. Also joining the ConnectM board are Mr. Sudhir Sethi, Vice Chairman & Managing Director, IDG Ventures, Dr. G. Venkatesh, Executive Director & Corporate Chief Technology Officer/Chief Strategy Officer, Sasken and
Mr. T.C.Meenakshisundaram, Executive Director, IDG Ventures.
About IDG Ventures India
IDG Ventures India is a US$150 Million early-stage venture capital fund investing in technology-related product and services companies. The fund is part of IDG Ventures, a global network of technology venture funds with over $1 billion under management, 220 investee companies and 10 offices across Asia and North America. IDG Ventures makes investments on behalf of its Limited Partners, including its principal investor and sponsor, International Data Group (IDG), the world's largest IT media company. By combining the IDG platform – an unparalleled combination of global publishing, market research (IDC), and conferences and exhibition resources – with years of hands-on experience in early-stage company building, IDG Ventures helps its investee companies understand their markets better and penetrate them faster than their competition. Leading technology companies that IDG has invested in include Net-scape, Bowstreet and Spinner.com in North America and Vinagames, Ctrip and Baidu in Asia. For more information, please visit www.idgvcindia.com
About Sasken Communication Technologies Ltd.
Sasken is an embedded communications solutions Company that helps businesses across the communications value chain accelerate product development life cycles. Sasken offers a hybrid model of services and products, and works with Network OEMs, Semiconductor Vendors, Terminal Devices OEMs and Operators across the world. Global Fortune 500, Tier 1 companies in each of these segments are part of Sasken's customer profile. Established in 1989, Sasken employs over 3,500 people at its offices in India, China, Finland, Germany, Japan, Mexico, Sweden, UK and the U.S. Sasken has repeatedly featured among the Best Employers in leading industry surveys. For further information please visit www.sasken.com.
Source : Click Press